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Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) held its 2020 Annual General Meeting on December 26, 2020, in Beijing. Key outcomes included the re-election of Ming Shu Leung and Jia Lu as Class I directors until the 2022 AGM and the ratification of Friedman LLP as the company’s independent registered public accounting firm for the 2020 fiscal year. Glory Star continues to be a major player in China's mobile entertainment sector, integrating premium content and innovative e-commerce offerings to enhance user engagement and platform stickiness.
Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) reported significant growth during the 2020 11.11 Shopping Festival, with a 370% increase in gross merchandise value (GMV), reaching RMB141.0 million. The CHEERS e-Mall saw over 56,100 orders and daily active users surpassed 7 million. A new collaboration with Taobao and Tmall broadened product offerings, benefiting 150 million users. Notably, sales in third-tier cities accounted for over 51% of total GMV, and female users represented over 57% of active users, particularly driving sales in beauty and apparel.
On November 19, 2020, Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) announced the launch of its CHEERS video series on Migu Video, a subsidiary of China Mobile. The collaboration allows Migu Video to stream Glory Star’s extensive video content, enhancing both companies' offerings. Glory Star expects this partnership to provide stable revenues and growth, leveraging Migu Video's access to over 947 million mobile subscribers. Glory Star's platform integrates lifestyle content, enhancing user engagement with brands.
Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) has closed a subscription agreement with Hong Kong Duoku Limited, an affiliate of Baidu Yi Xin Network Technology, for 193,986 Ordinary Shares at $10.31 per share. This strategic investment signifies Baidu Yi Xin's entry as a shareholder in Glory Star, highlighting the growth potential of video content-driven e-commerce in China, particularly with the advent of 5G technology. Glory Star aims to leverage this partnership to enhance its market position and continue its expansion in digital media and entertainment.
Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) has established its CHEERS e-Mall headquarters in Wuxi, China, and signed a cooperative agreement with the Wuxi Municipal Government to develop a new economic and cultural industrial park. The agreement includes land support of at least 50 acres and financial incentives. The park will focus on new media, new retail, technology, and vocational training through its Cheers Academy. This initiative aims to enhance the digital economy in Wuxi and the Yangtze River Delta region.
Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) has published a White Paper on China's video content-driven e-commerce industry, prepared by iResearch Consulting Group. This document highlights key trends in the sector, noting that early-mover advantages lead to market consolidation through substantial capital investment. It emphasizes the evolution of e-commerce video content to enhance customer engagement, coupled with the importance of product quality and supply chain management. Additionally, supportive industrial policies are accelerating investment in livestreaming e-commerce.
Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) has published a White Paper detailing the trends in China's video content-driven e-commerce industry. This document, produced by iResearch Consulting Group, highlights significant shifts in consumer engagement and the competitive landscape. Key points include increasing interaction beyond livestreaming, advantages held by early-market players, and the influence of new industrial policies. The paper emphasizes the need for platforms to enhance product offerings and user experiences to maintain competitive advantages.
