This article first appeared in The Edge Financial Daily, on November 17, 2015.

KUALA LUMPUR: ACE Market-listed Oriented Media Group Bhd has set its sights on growing its e-commerce business in China and is optimistic about the country’s huge e-commerce market.

In a statement yesterday, Oriented Media said it is focused on developing innovative technology and bringing in suitable talents to accommodate the rapid development and demands of the market.

Oriented Media group executive director Zhu Guohe said its unit Fujian Accsoft Technology Development Co Ltd registered a significant business growth in the third quarter, with profit amounting to 260,000 yuan (RM178,500).

“Though the subsidiary is newly established, we commit ourselves to provide quality services to our clients in every possible way and we will work with our partner, Fujian Jin-Jiang E-Commerce Development Co Ltd, to explore business opportunities together in the Chinese market.” said Zhu.

Fujian Accsoft had inked strategic cooperation framework agreements in October with Fujian Jin-Jiang to carry out mobile application and software upgrading works.

The agreements will see Fujian Jin-Jiang providing technical support to improve and optimise mobile applications and software, which would provide a more professional and comprehensive consumer experience to e-commerce platform users.

“China has become a global platform for e-commerce businesses especially since it has been recognised as the country with the strongest spending power in the e-commerce market,” said Zhu.

“Currently, China has about 650 million internet users and online shopping has accounted for more than 10% of total consumer goods retail sales,” he added.

The group added that the “double-eleven” online shopping festival falls on Nov 11. The third “double-eleven” online shopping festival hosted by e-commerce giant Tianmao (tmall.com) alone, has achieved a turnover of 91 billion yuan.

“If it was summed up with other online shopping platforms such as JD.com, gome.com, suning.com, yhd.com and vip.com, the double-eleven online shopping festival turnover would exceed 150 billion yuan, compared with last year’s turnover of 57.1 billion yuan by Tianmao,” said Oriented Media.

“Our partner, Fujian Jin-Jiang has also performed well in the “double-eleven” online shopping festival this year, with nearly 400 merchants participating and a total sales of 60 million yuan,” added Zhu.