Glory Star New Media Group Holdings Ltd. (NASDAQ: GSMG) stock gained by 2.9% in the current market trading session. In China, Glory Star New Media Group Holdings Limited is the largest digital media network and content-driven e-commerce firm.
GSMG stock’ Significant Development
Glory Star New Media Group Holdings Limited stated that it has acquired its cross-border e-commerce business license and authorization. The Ministry of Commerce of the People’s Republic of China has given the Company permission to operate in foreign trade activities, as well as permission from the General Administration of Customs of the People’s Republic of China to be a consignee of imported products and a consignor of exported goods. Glory Star intends to use its new business license and permit to launch a new cross-border e-commerce venture as well as grow and market its CHEERS e-Mall platform services to importers, exporters, and companies outside of China.
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The growth of Glory Star into cross-border e-commerce is in line with government goals. State councilors agreed to speed up the development of new forms and designs of foreign trade as well as enhance the assisting policy system for the growth of cross-border e-commerce in China during the Executive Meetings of the State Council, which were chaired by Chinese Premier Li Keqiang on June 22, 2021.
The overall net merchandise value of cross-border e-commerce in China in 2020 climbed by 31.1 percent year over year to RMB1.69 trillion, as per the figures issued by the PRC Customs. Mr. Ren Hongbin, Deputy Administer of the PRC Ministry of Commerce, stated at the China E-Commerce Conference on September 3, 2021, that the commercial scale of cross-border e-commerce in China had expanded exponentially by nearly 10 times in the previous five years.
Mr. Bing Zhang, Chairman, and CEO of Glory Star stated,
They intend to enhance their revenue growth by expanding their cross-border e-commerce company through CHEERS e-Mall. They are sure that CHEERS e-Mall will serve to be a major growth driver for Glory Star as their cross-border e-commerce business grows. They also believe that this programme will create a flywheel effect throughout all of their business development operations, allowing them to maintain their long-term leadership position in the digital business world.