TVB completes acquisition of Ztore Danny Shum appointed as President of the TVB e-Commerce Business Group
(30 August 2021) Television Broadcasts Limited (TVB) is pleased to announce the completion of the acquisition of approximately 75% issued share capital of Ztore Investment Limited (Ztore) last Friday (27 August) and the appointment of Mr Danny Shum Tik Chan, Co-founder and CEO of Ztore, as President of the TVB e-Commerce Business Group with immediate effect.
In order to effectively realise the strategic potentials of TVB e-commerce business, the Company is re-organising various e-commerce businesses as a group and bringing them under one single management structure. As President of this newly created business group, Danny will be in charge of all related platforms, including Big Big Shop, Ztore and Neigbuy. His key responsibilities will be developing and implementing growth strategies for TVB’s e-commerce business with an objective of becoming one of the leading e-commerce services in Hong Kong.
Danny Shum, President of the TVB e-Commerce Business Group said, "This is an opportunity for a ‘1 Plus 1 Achievement’ after Ztore has joined TVB. With the growing prospects of Hong Kong's e-commerce business, I believe my own experience in the industry can strengthen TVB’s e-commerce business and the operation of the three platforms. A more diversified e-commerce model will be provided to fulfill the needs of consumers and merchants, therefore making the entire online retail market thriving and maximising the benefits for shareholders, merchants and customers.”
Shum continued, "The teams running the existing platforms are pioneers in the local e-commerce market and had overcome many difficulties. The potential of the Hong Kong’s e-commerce market has been underestimated for a long time, but the pandemic has accelerated its development. I expect the annual online sales volume in Hong Kong will exceed HK$ 30 billion, and I firmly believe that TVB and Ztore together will create an exciting new landscape of Hong Kong’s e-commerce."
TVB has a long history in television broadcasting in Hong Kong, as well as extensive artiste resources and promotion experience. With a strong brand affinity, TVB is in an advantageous position to further develop e-commerce business. Ztore has developed over the past years a comprehensive ordering, warehouse and logistics management system, as well as resources in data management which can provide a good foundation for future large-scale development.