- Chinese digital media platform and content-driven e-commerce company Glory Star New Media Group Holdings Ltd (NASDAQ:GSMG) won the license and permit to operate a cross-border e-commerce business.
- The company won approval from the Ministry of Commerce of the People’s Republic of China to engage in foreign trade operations.
- Additionally, the General Administration of Customs of the People’s Republic of China permitted the company to be a consignee of imported goods and consignor of exported goods.
- Glory Star plans to utilize its new business license and permit to develop a new cross-border e-commerce business and expand further and promote its CHEERS e-Mall platform services to importers, exporters, and companies outside of China.
- Meanwhile, other e-commerce majors like Alibaba Group Holding Ltd (NYSE:BABA), JD.com Inc (NASDAQ:JD), and Baidu Inc (NASDAQ:BIDU) shares are getting hammered by China’s regulatory crackdown.
- Price Action: GSMG shares traded higher by 9.13% at $2.63 in the premarket session on the last check Monday.
