Why
GSMG
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And Now TODAY:
Glory
Star New Media Group Holdings Limited (NASDAQ: GSMG) a leading mobile and
online digital media and entertainment company in China, today announced that
it has signed a letter of intent to acquire YMT Holding Limited (“YMT”), a
leading integrated cross-border e-commerce platform in China. Under the terms
of the agreement, Glory Star will issue restricted shares to acquire 100% of
YMT. Upon merger closing, YMT will become a wholly owned subsidiary of Glory
Star. The combined company will become a Global leader in globalized
content-driven e-commerce, with a user base of more than 300 million people.
Established in 2010 in China, YMT provides an independent cross-border
e-commerce platform with over 100 million registered users in 88 countries, and
over 800 thousand online products available for sale every day. YMT has built
its own international logistics service and created a global closed-loop
e-commerce and logistics system. YMT delivers XX packages a day on average and
their XX employees manage the network in established logistics centers located
in 13 metropolitan cities around the world, including New York, San Francisco,
Los Angeles, London, Paris, Frankfurt, and Sydney. YMT has raised over US$100
million of capital from well-known institutions including Sina, SAIF Asia,
Sailing Capital and China Merchants Capital. In 2020, it was named as one of
the Hurun Global Unicorns.
Mr. Bing Zhang, Founder and Chief Executive
Officer of Glory Star, commented, “There is substantial synergy between Glory
Star and YMT. Glory Star is strong in creating high-quality lifestyle content
through its short video and interactive live-streaming platform. We can help
YMT to efficiently acquire more high-quality customers and improve user
stickiness. At the same time, YMT can provide CHEER e-Mall and other Glory Star
subsidiaries with efficient global supply chain management and easy access to
high-quality and globally sourced consumer goods. Together, we can build an
industry-leading platform integrating live streaming with ecommerce. We can
develop more key opinion leaders (KOLs) and accelerate our e-commerce growth.
The proposed merger between Glory Star and YMT should bring greater value and
returns to the shareholders of both parties.” 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.
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.
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