Oriental Culture shifts from e-commerce to third-party platform services

Oriental Culture Holding LTD. (NASDAQ: OCG) announced that its board of directors has approved a strategic shift away from operating its own online collectibles and artwork e-commerce services toward providing supporting services for third-party art and collectible trading platforms.

According to a press release, the Hong Kong-based company plans to organize its operations around three core business segments: technology support services, cultural and art products warehousing and custodianship services, and real estate operations. The company also intends to expand ancillary services related to art appraisal and grading.

The technology support and warehousing segments are described as extensions of existing cooperative relationships within the industry. The real estate segment will primarily involve leasing company-owned properties to third parties.

Chief Executive Officer Yi Shao said the transition is "building from our existing operational capacity and supporting services as the foundation" and is intended to "diversify our revenue stream" and "lay the groundwork for long-term value creation for our shareholders."

Oriental Culture operates through wholly owned subsidiaries in China and currently facilitates trading of collectibles and artworks on an online platform owned by its Hong Kong subsidiary.

You May Also Be Interested In

• Google and Blackstone data-center venture hits delays at key sites - Bloomberg
• Galaxy Digital gets conditional classifications for 4.2 GW of Texas data centers
• GameSquare regains Nasdaq minimum bid price compliance