Glory Star Included in the 2020 List of Top 10 Chinese ADRs With …
BEIJING, Dec. 07, 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 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 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.
Glory Star New Media Group Holdings Limited
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