BEIJING, Feb. 5, 2021 — Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) ("Glory Star" or the "Company"), a leading mobile and online digital media and entertainment company in China, today announced that it has it has established a comprehensive strategic cooperation agreement (the "Agreement") with Zhongminzaixian (Xiamen) E-Commerce Co., Ltd. ("Zhongmin Zaixian"). As part of the Agreement, Zhongmin Zaixian will integrate its current product and service offerings into the Company’s CHEERS e-Mall ecosystem, which will provide more than 300 domestic and foreign first- and second-tier brands of consumer goods, gold jewelry and other gold merchandise in a full range of categories. These offerings also include online and offline payment services, such as mobile bill payment services for major mobile operators, multiple payment services for video platform membership, gift card payment services for games, and more. The cooperation is planned to be gradually carried out in 2021 and expected to bring additional stimulus to CHEERS e-Mall platform’s development going forward.
As a leading SaaS service provider, Zhongmin Zaixian offers SaaS services to enterprises in multiple market segments along the industry value chain. Its product and service offerings covers more than 300 domestic and foreign for first- and second-tier brands of consumer goods, gold jewelry and other gold merchandise within the industry service supply chain, including brands such as Chow Tai Fook, Cuilu Fine Gold, Gree, Midea, Nike, Philips, and more, as well as other virtual benefits and coupon services. After several years of development, Zhongmin Zaixian’s customers and partners include several major mobile operators, including China Mobile Communications Corporation, China United Network Communications Group Co., Ltd, and China Telecommunications Corporation, as well as many well-known banks, including the Industrial and Commercial Bank of China, China Construction Bank Corporation, China Post Group Corporation Limited, China Merchants Bank, China CITIC Bank, and more. The customers and partners of Zhongmin Zaixian also include several industry leaders, including Air China Limited, Hainan Airlines Co., Ltd., Xiamen Airlines, Trip.com Group Ltd, China Petroleum and Chemical Corporation, and Qihoo 360 Technology Co. Ltd.
Pursuant to the Agreement, the substantial number of brands across Zhongmin Zaixian’s supply chain will help to rapidly expand CHEERS e-Mall’s offerings while also supplementing its high-quality brand channels significantly. At the same time, the supply chain system and diversified service products of Zhongmin Zaixian can help to further increase the number of new consumption scenarios within the CHEERS e-Mall ecosystem, provide its users with a broader array of high-quality products and unique services, and meet all aspects of its users’ needs in their pursuit of a higher-quality lifestyle. Through this cooperation, Glory Star will continue to integrate with multiple brands, expand its supply of high-quality brands and services, enhance its platform value and the value of its cooperating brands, and advance its CHEERS e-Mall as well as other CHEERS platforms to new stages of development.
Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, "We are excited to announce the establishment of a comprehensive strategic cooperation agreement with Zhongmin Zaixian. Collaboration between both parties will help Glory Star to establish stronger connections between merchants and users while better satisfying its users’ increasing demands for a quality, convenient, and diversified set of products and services. We are confident that this cooperation will enable us to establish enduring brand influence, enhance our brand awareness, and further improve the leading position of CHEERS e-Mall in the new e-commerce industry."
About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a leading mobile entertainment operator in China. Glory Star’s ability to integrate premium lifestyle content, including short videos, online variety shows, online dramas, live streaming, its Cheers lifestyle video series, e-Mall, and mobile app, along with innovative e-commerce offerings on its platform enables it to pursue its mission of enriching people’s lives. The company’s large and active user base creates valuable engagement opportunities with consumers and enhances platform stickiness with thousands of domestic and international brands.
Safe Harbor Statement
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions ) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; and other factors listed in the Company’s Annual Report on Form 10-K for the year ending December 31, 2019 and in other filings made by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.
Contacts
Glory Star New Media Group Holdings Limited
Yida Ye
Email: [email protected]
ICR LLC.
Sharon Zhou
Tel: +1 (646) 308-0546
Email: [email protected]
