KUALA LUMPUR (Oct 23): ACE market listed Oriented Media Group Bhd (Omedia) is venturing into China e-commerce market via collaboration with Fujian Jin-Jiang E-Commerce Development Co Ltd and China-listed Xiamen Mass Entrepreneurship & E-Commerce Technology Co Ltd.

In a statement today, Omedia said its indirect wholly-owned subsidiary Fujian Accsoft Technology Development Co Ltd had inked two strategic cooperation framework agreements with the China parties.

"According to the agreement, both China companies will be providing their mass clientele the needed resources, professional technical expertise as well as innovative technology. Omedia would be providing services on the technical development, software, and technology services," the statement reads.

Omedia said the 12-month collaboration with Fujian Jin-Jiang E-Commerce will be effective Oct 21; while the tie-up with Xiamen Mass Entrepreneurship will begin from Oct 22.

These collaborations are included with an option for a one-year extension based on the agreement from the involved parties.

"This is the first step for our business venture into China's e-commerce market. The e-commerce sector is growing tremendously in China and we expect to share our professional expertise with more e-commerce companies in the near future," Omedia's management said in the statement.

The management also believes that this new ventures in the e-commerce and data industry of China would provide a new income stream for the company.

"We will continue to focus on providing online services consultancy and e-commerce technology expertise. This is especially for the establishment of the e-commerce platform, its technical infrastructure buildings, as well as support services," it said.

Omedia rose half sen or 1.92% to 26.5 sen today, giving it a market capitalisation of RM55.5 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)