Glory Star Announces New Major Shareholder

BEIJING,Dec.16,2021 -- Glory Star New Media Group Holdings Limited,("Glory Star",the "Company" or "we") (NASDAQ:GSMG),a leading digital media platform and content-driven e-commerce company inChina,today announced that it received a formal notice from TKK Capital Holdings,the parent company of TKK Symphony Sponsor 1 ("TKK"),that TKK completed the sale of an aggregate of 5,726,000 ordinary shares of the Company to Shah Capital Opportunity Fund LP ("ShahCapital") on December 15,2021,at a fixed purchase price (the "purchase price") of $1.70 per share. Shah Capital has thus become a major shareholder of the Company. The purchase price of $1.70 per share is at a premium of 27.82% to the closing price of December 15,2021 of $1.33.

Mr. Bing Zhang,Chairman and Chief Executive Officer of Glory Star,commented,"We are pleased and honored to be recognized by Shah Capital,a brilliant strategic investor who indeed understands Chinese companies and focuses on the long-term despite the negative sentiment in the market recently and the fact that GSMG is significantly undervalued. Looking ahead,we will continue to regain shareholder value and make best effort in achieving further growth momentum."

About Shah Capital

Founded in 2005 out of an evolution and passion of investing which stems from thinking ahead of the curve and being pro-active. Shah Capital takesa two-fold approach to investing in companies. First,the stock market provides opportunities on both ends of the spectrum in terms of buying and selling,the underlying value of a business does not change as often as stock prices do. The other half of this equation is the qualitative side of a business which it believesis the key to long-term success of a company. Shah Capital issector agnostic as it seesopportunities across a range of companies whenanalyzingthe strategy of the business,competitive landscape,management capabilities and also the innovation of the company. For Shah Capital,this two fold approach allows it to find the right balance and unique investment opportunities.

About Glory Star

Since its establishment in 2016,Glory Star has been laser focused on developing an ecosystem for its users that incorporates quality content,e-commerce,social networking,and gaming. The Company continues to integrate its cutting edge blockchain technologies,massive user base from its CHEERS ecosystem,quality content offerings,and its well-established e-commerce platform,and through the right application of 5G,AI,AR and VR technologies to develop a metaverse boasting a wide range of "online + offline" and "virtual + reality" scenarios. Glory Star's CHEERS Video and e-Mall platforms provide a solid foundation for it to rapidly develop different entertainment and shopping applications for the metaverse. Glory Star also provides a suite of tools for its users to facilitate the development of new content by creators. The Company is remaining at the forefront of disrupting the way new media and e-commerce is operated. For more information,please visithttp://ir.gsmg.co/.

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 the Company's profitability; litigation involving 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 circumstances that could affect the Company's ability in developing a new cross-border e-commerce business; the ability of the Company to successfully expand and promote its CHEERS e-Mall platform services; costs related to the proposed development of the Company's proposed cross-border e-commerce business; costs related to the expansion and promotion of the Company's CHEERS e-Mall platform services; the possibility that the Company may not succeed in developing a cross-border e-commerce business due to,among other things,changes in the business environment,competition or other economic and policy factors; and the possibility that the proposed cross-border e-commerce business may be adversely affected by other economic,business,and/or competitive factors. The forward-looking statements contained in this release are also subject to other risks and uncertainties,including those more fully described in the Company's filings with the Securities and Exchange Commission,including the Company's Annual Report on Form 20-F filed with the SEC on March 29,as amended. The Company undertakes no obligation to Upgrade 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.

For investor and media inquiries,please contact:

Investor Relations

Glory Star New Media Group Holdings Limited

Yida Ye

Email:yeyida@gsmg.co

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