BEIJING, April 27, 2021 / PRNewswire / – Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Star of glory“or the” Company “), a digital media platform and content-driven e-commerce company in China, today announced that it has signed a non-binding Letter of Intent (“LOI”) to acquire YMT Holding Limited (“YMT”), one of the leading integrated cross-border e-commerce platforms in China. In accordance with the law, Star of glory intends to issue restricted shares to acquire 100% equity of YMT, where YMT will become a wholly owned subsidiary of Star of glory. The combined company will aim to become one of the leaders in a globalized, content-driven e-commerce industry, with an estimated user base of over 300 million people.
Created in 2010 in China, YMT provides an independent cross-border e-commerce platform with over 100 million registered users in 88 countries and over 800,000 online products available for sale daily. YMT has built its own international logistics department and created a global closed-loop e-commerce and logistics system. YMT has also established logistics centers in 13 metropolitan cities around the world, including new York, San Francisco, Los Angeles, London, Paris, Frankfurt, and Sydney. YMT has lifted more than $ 100 million capital from well-known institutions such as Sina, SAIF Asia, Sailing Capital and China Merchants Capital. In 2020, YMT was named one of the Hurun Global Unicorns.
Mr. Bing Zhang, Founder and CEO of Star of glory, commented: “There is a substantial synergy between Star of glory and YMT. Star of glory is strong in creating high quality lifestyle content through its short video and interactive live streaming platform. We can help YMT to effectively acquire more high-quality customers and improve user loyalty. At the same time, YMT can provide CHEER e-Mall and other Star of glory subsidiaries with effective global supply chain management and easy access to high quality, global consumer goods. Together, we can create a cutting-edge platform integrating live streaming with e-commerce. We can develop more Key Opinion Leaders (KOLs) and accelerate the growth of our e-commerce. The proposed operation between Star of glory and YMT is expected to bring greater value and returns to shareholders on both sides. ”
The completion of the transaction is subject, among other things, to the completion of due diligence, the negotiation of a definitive agreement providing for the transaction and the satisfaction of the conditions negotiated therein. Therefore, there can be no assurance that a definitive agreement will be reached or that the proposed transaction will be completed.
About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a leading digital media platform and content-focused e-commerce company in China. Glory of the stars the ability to integrate premium lifestyle content including short videos, online variety shows, online dramas, live streaming, its Cheers lifestyle video series, e- Mall and a mobile app, as well as innovative e-commerce offerings on its platform, allows it to continue its mission of enriching people’s lives. The company’s large and active user base creates valuable engagement opportunities with consumers and improves the sustainability of the platform with thousands of national and international brands.
Safe Harbor Declaration
Certain statements made in this press 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”, “Forecast,” “expect”, “anticipate”, “forecast”, “forecast”, “intend”, “believe”, “seek”, “may”, “will”, “should”, “future”, “proposes” and variations of such words or expressions (or negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include, without limitation, the ability of the Company to develop its online retail and SaaS value chains, expand its business relationships with existing customers, and continue its business growth trajectory. These forward-looking statements are not guarantees of performance, conditions or future results, and involve a number of known and unknown risks, uncertainties, assumptions and other significant factors, many of which are beyond the control of the Company, that could cause actual results or results. differ materially from those discussed in forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to secure additional funding in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting the profitability of the Company; disputes concerning patents, intellectual property and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the occurrence of any event, change or other circumstance which could result in the terms of the letter of intent not being subsequently reflected in a final agreement; the Company’s ability to meet NASDAQ listing standards following and in connection with the transaction; failure to complete the transactions contemplated by the letter of intent and any definitive agreement reached by the parties due to failure to obtain shareholder approval, if necessary, or for other reasons; costs associated with the proposed transaction; the combined company’s ability to achieve its financial and strategic objectives, due to, among other things, competition; the combined company’s ability to pursue a growth strategy and manage profitability from growth; and the possibility that the combined company will be affected by other economic, business and / or competitive factors. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those described in more detail in the documents filed by the Company with the Securities and Exchange Commission. The Company assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. This information is only valid as of the date of this press release.
Glory Star New Media Group Holdings Limited
E-mail: [email protected]
Phone. : +1 (646) 308-0546
E-mail: [email protected]
SOURCE Glory Star New Media Group Holdings Limited