(Yicai Global) Jan. 9 -- B-Ray Media, a Chinese media service provider, intends to set up a joint venture to take advantage of the worldwide popularity of Tiktok to market local products abroad.

The JV will become an incubator for local e-commerce startups, providing live-streaming services through the short-video platform in an effort to sell local products to foreign customers, the operator of Chengdu Daily and Chengdu Business Daily said in a statement recently.

The JV will initially have CNY50 million (USD7.4 million) in registered capital with B-Ray Media and its related party holding a 60 percent stake. Meanwhile, Monsoon Investment Management, a Shenzhen-based equity firm, has the remainder. 

The announcement did not disclose the business plan in detail. It only stated that the new business should help local brands sell abroad through Tiktok while helping exporters in southwestern China to achieve digital transformation. B-Ray Media was verified by TikTok last July as a cross-border e-commerce service provider in six countries, including Vietnam, Malaysia, Singapore, Thailand, and the United Kingdom.

B-Ray Media’s share price [SHA: 600880] closed 0.4 percent up at CNY5.43 (US 80 cents) after rising more than 3 percent intraday.

Editor: Emmi Laine, Xiao Yi