Glory Star Acquires Business License and Permit for Cross-Border E-Commerce, Plans to Expand CHEERS e-Mall Platform Services
Glory Star New Media Group Holdings Limited (“Glory Star” or the “Company”), a leading digital media platform and content-driven e-commerce company in China, announced that it has received its business license and permit to operate a cross-border e-commerce business. The Company has received approvals from the Ministry of Commerce of the People’s Republic of China (the “PRC Ministry of Commerce”) to engage in foreign trade operations, and from the General Administration of Customs of the People’s Republic of China (the “PRC Customs”) to be a consignee of imported goods and consignor of exported goods. Glory Star plans to utilize its new business license and permit to develop a new cross-border e-commerce business and to further expand and promote its CHEERS e-Mall platform services to importers, exporters, and businesses outside of China.
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Glory Star’s expansion into cross-border e-commerce is aligned with government objectives. During the Executive Meetings of the State Council chaired by Chinese Premier Li Keqiang on June 22, 2021, state councilors reached an agreement to accelerate the development of new forms and models of foreign trade as well as to improve the supporting policy system for the development of cross-border e-commerce in China.
According to data released by the PRC Customs, the total gross merchandise value (“GMV”) of cross-border e-commerce in China in 2020 increased by 31.1% year over year to RMB1.69 trillion. At the China E-Commerce Conference on September 3, 2021, Mr. Ren Hongbin, Deputy Administer of the PRC Ministry of Commerce, further stated that the business scale of cross-border e-commerce in China had increased exponentially by about 10 times in the past five years.
Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, “As a leading content-driven e-commerce company in China, Glory Star remains committed to the premium lifestyle segment. By developing our cross-border e-commerce business through CHEERS e-Mall, we plan to also accelerate our revenue growth. CHEERS e-Mall will be able to leverage its multilateral advantages in global product sourcing, personalized advertising, smart search, word-of-mouth marketing, and cross-border transactions via CHEERS Payment alongside our resources in international and domestic brands, supply chain, sales channels, and technological expertise to better empower its platform business owners. With the development of our cross-border e-commerce business, we are confident that CHEERS e-Mall will continue to be a key growth driver for Glory Star. We also believe that this initiative will trigger a flywheel effect across all of our business development efforts and thus further enable us to sustain our leading position in the competitive world of digital business for the long run.”
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