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
been included in the 2020 List of Top 10 Chinese ADRs With the Most
Growth Potential (the “List”) jointly released by Caijing magazine,
Barron's Weekly China magazine, and Tiger Securities. In addition
to Glory Star, other companies on the List included Pinduoduo Inc,
DouYu International Holdings Limited, iQIYI, Inc., Youdao, Inc. and
more.
Those responsible for compiling the List evaluated the growth of
all Chinese ADRs in terms of financial and operational results,
brand awareness, industry reputation, company potential, and other
categories. Glory Star was included in the List as a result of its
unique business model, which has unlocked a new area of consumption
in the market, as well as its demonstration of a strong growth
potential.
Since Glory Star’s inception, it has employed a business model
that is focused on empowering new consumption through the provision
of quality content offerings. At the same time, the Company has
continued to actively explore various consumption models, such as
live streaming e-commerce, to capitalize on the traffic it attracts
through its quality content offerings.
Glory Star has produced many pieces of high-quality intellectual
property (“IP”), including "My Greatest Hero," "Hello! Rapper," and
its “Cheers Series” programs. Meanwhile, the Company also has a
considerable amount of high-quality IP in its pipeline for release
in 2021. In order to establish a high-quality content ecosystem,
the Company has expanded its coverage from the pan-entertainment
industry to all lifestyle content formats, such as short-form
videos, online variety shows, online dramas, live streaming, games,
and more. The abundance of quality content on Glory Star’s
platforms has enhanced its platforms’ user stickiness and user
conversion rates. As of October 31, 2020, Glory Star’s Cheers video
application had already been downloaded more than 150 million
times, with the application’s average daily active users exceeding
7 million and total pieces of content offerings exceeding 6
million.
Glory Star has actively explored its differentiated
Professionally Generated Content live streaming e-commerce model
since 2018. As a result, the Company has successfully launched a
number of online variety shows including "Hands-chopping
Shopaholic," "Bargaining Genius," "Quiz Time," and "Lucky Card" to
expand its presence in China’s e-commerce market. Compared to those
mainstream User Generated Content live streaming e-commerce
business models, the Glory Star’s business model is truly unique,
and the Company strictly controls its e-commerce offerings and live
event rooms to improve its user experience and promote more
rational consumption. Currently, Glory Star’s new consumption model
is still leading the trend and thus exhibits a high potential for
enduring growth. In April 2019, for example, Glory Star launched
its own e-commerce platform, Cheers e-Mall, which allows users to
access the Company’s content, e-commerce offerings, applications,
and technology through its platforms. During the 2020 11.11
Shopping Festival in China, the gross merchandise value of the
Company’s CHEERS e-Mall platform grew by 370% year over year to
RMB141.0 million.
Mr. Bing Zhang, Founder and Chief Executive
Officer of Glory Star, commented, “From our development of content
to empower a new model of consumption, to the integration of our
platforms, as well as the expansion of our digital economy
headquarters in Wuxi, we are pleased to announce that Glory Star
has continued to experience extremely rapid growth. Looking ahead,
as we continue to monetize our content and generate additional
value across our platforms, we remain confident that our future
remains bright and that our business model will continue to fuel
the growth of our Company over the long term.”
About Glory Star New Media Group
Holdings LimitedGlory 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 StatementCertain
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.
ContactsGlory Star New Media
Group Holdings LimitedYida YeEmail: yeyida@yaoshixinghui.com
ICR LLC.Sharon ZhouTel: +1 (646) 308-0546Email:
gsnm@icrinc.com
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