BEIJING, May 07, 2024 (GLOBE NEWSWIRE) -- Cheer Holding, Inc. (NASDAQ: CHR) ("Cheer Holding," or the "Company"), a technology-driven leading provider of advanced mobile Internet infrastructure and platform services, today announced that its subsidiary Glory Star (Beijing) Media Co., Ltd. (“Glory Star”) has been recognized as a Specialized and Innovative Enterprise published by Beijing Municipal Bureau of Economy and Information Technology. Such acknowledgment is the result of a comprehensive evaluation of the Company’s competitive edge in terms of specialization, sophistication, innovation capability, as well as technical strength, economic benefits, operation and management etc., signifying that the Company has been industry-leading at all levels.

According to the “Notice regarding Supporting the High-quality Development of SMEs that Use Specialized and Sophisticated Technologies to Produce Novel and Unique Products” from the Ministry of Finance and the Ministry of Industry and Information Technology, emphasis was placed on promoting the high-quality development of SMEs and contributing to the building of a new development pattern featuring dual circulations. Enterprises that use specialized and sophisticated technologies to produce novel and unique products are enterprises that are characterized by “specialization, sophistication, characterization and novelty”, have profound innovative strength, possess high market shares, master core technologies, and act as key players in the industrial chain and supply chain. Therefore, acknowledged enterprises that use specialized and sophisticated technologies to produce novel and unique products are all industry leaders that focus on market segments, have strong innovation capabilities, possess high market shares, and master core technologies in key fields, with high growth rates.

The recognition of Glory Star from a national high-tech and innovative enterprise to an enterprise that uses specialized and sophisticated technologies to produce novel and unique products demonstrates the Company’s excellent technological innovation and strong market competitiveness in the field of media technology, as well as its leading position in the media technology industry. Driven by this acknowledgment, Cheer Holding will further fortify its new productive capabilities, continuously aggregate premium lifestyle ecosystem and drive innovative platform-based entertainment cluster development, leveraging its formidable content dissemination prowess, traffic generation effects, and multi-platform resource advantages. Poised to achieve higher-quality growth, the Company will also continue to grow more specialized, more sophisticated, bigger and stronger.