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NHN Commerce, under the leadership of CEO Yoon-Sik Lee, has entered a pivotal business alliance with Beijing Wenchuanban Development, Ltd (helmed by CEO Niu Tianxian, henceforth ‘Wenchuanban’), a prestigious state-backed enterprise in Beijing, to craft a trailblazing global retail platform.
Incepted in 2020 with the blessings of the Beijing Party Committee and the Beijing Municipal Government, Wenchuanban offers financial insights to China’s cultural industries, propelling cultural finance strategies. Boasting affiliations with an impressive roster of 33,000 entities—including 30,000 cultural firms and 2,000 financial bodies—it stands as a pivotal force in China’s economic landscape.
Wenchuanban’s current agenda revolves around an integrated online-offline platform, positioned to bolster its Chinese conglomerate’s global outreach. This vision prompted the collaborative venture with NHN Commerce, centering on global product distribution.
As per the collaboration, NHN Commerce will usher in a specialized B2B distribution interface and an exclusive shopping platform dedicated to Wenchuanban-affiliated companies. This platform will also spotlight global products for the vast Chinese consumer base. Additionally, NHN Commerce will channel the products of Wenchuanban’s associates to gain traction online in China, notably on the ‘Wanghong Live’ broadcasts.
Both companies foresee collaborative innovations, leveraging Wenchuanban’s rich cultural IP and NHN Commerce’s esteemed export brands. Through this synergistic approach, NHN Commerce sets its sights on the vast B2B and B2C sectors in China, aiming to introduce IP-backed products with seamless global market penetration, while also scouting markets beyond China.
NHN Commerce’s CEO, Lee Yoon-shik, expressed, “This strategic partnership with China’s leading state-owned firm affirms our formidable business acumen in the region. Together with Beijing Wenchuanban, we’re committed to amplifying the reach of high-caliber products, including coveted Korean labels, both within China and on a global scale.”
Currently, NHN Commerce reigns supreme in channeling domestic products to Chinese digital retail platforms. March witnessed its induction as the sole international firm into the Chinese TikTok’s ‘Global Imported Official Store’. By April, it extended its footprint to Taiwan, partnering with Taiwan’s vibrant live-commerce entity, ‘Jambo Live’.