Glory Star Establishes Digital Economy Headquarters in Wuxi and Partners with Wuxi Municipal Government to Build New Economic and Cultural Industrial Park

Rhea-AI Summary

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.

Positive

• Establishment of CHEERS e-Mall headquarters in Wuxi, a strategic location.
• Cooperative agreement with Wuxi Municipal Government provides substantial land and financial support.
• Focus on diverse areas such as new media and technology enhances growth prospects.

Negative

• None.

BEIJING, Oct. 19, 2020 (GLOBE NEWSWIRE) -- 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 established its CHEERS e-Mall headquarters in Wuxi, a city located in the southern portion of Jiangsu province, and plans to partner with the Wuxi Municipal Government and Binhu District Government to build a new economic and cultural industrial park (the “Park”) in Wuxi.  The Company held a signing ceremony on October 15, 2020, to commemorate the start of the Park project and development. 

According to the cooperative agreement with Wuxi Municipal Government and Binhu District Government, the Wuxi Municipal Government and Binhu District Government will provide Glory Star with various forms of support for the development of the Park, such as land support which includes no less than 50 acres of commercial land for building the Park and 1000 square meters of office space, relocation assistance, and tax incentives, as well as other forms of financial incentives and policy support. Glory Star plans to focus on four areas during the development of the park, including new media, new retail, technology, and the Company’s internal vocational program “Cheers Academy”. The Company’s development plan and areas of focus will help to cultivate the surrounding location in a distinctive manner and will also create an environment capable of supporting multiple businesses including a new zone for retail-themed experiences.

Xin Huang, Secretary of the Wuxi Municipal Committee, commented on behalf of the Wuxi Municipal Government, “The successful cooperation between the Wuxi Municipal Government and Glory Star has ushered in a new and important driver for China’s digital content industry. We believe that this development will not only serve to better satisfy the desire of citizens for a more enjoyable life, but will also help to further promote the exploration and development of China’s new economy. Looking ahead, we plan to maintain our focus on creating an entrepreneurial environment that is both convenient and harmonious for Glory Star and thus work together hand in hand to create a better future for all.”

Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, “With the support and assistance of the Wuxi Municipal Government, Binhu District Government, and other relevant government departments, we have  established our digital economy headquarters, which we consider to be our most important business headquarters, in Wuxi. We are confident that our competitive advantages in online and offline innovation as well as our seamless integration of multiple businesses will enable us to further spur on the momentum of new economic development in both Wuxi and the greater Yangtze River Delta area. Such efforts are in line with our long-term goal of building a base capable of supporting innovation and China’s new entertainment empowered consumption model, which we believe will help to generate an increasing amount of social and economic benefits for society going forward.”

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: yeyida@yaoshixinghui.com

ICR Inc.
Sharon Zhou
Tel: +1 (646) 308-0546
Email: gsnm@icrinc.com

FAQ

What is Glory Star's new CHEERS e-Mall headquarters location?

The CHEERS e-Mall headquarters is located in Wuxi, China.

What support is Glory Star receiving from the Wuxi Municipal Government?

Glory Star is receiving land support of at least 50 acres, 1000 square meters of office space, and various financial incentives.

What areas will the new industrial park focus on?

The industrial park will focus on new media, new retail, technology, and the Cheers Academy vocational program.

When was the signing ceremony for the park project held?

The signing ceremony for the park project was held on October 15, 2020.

What is the significance of Glory Star's development in Wuxi?

This development is expected to enhance the digital economy and cultural landscape in Wuxi and the greater Yangtze River Delta.