PEN signs cooperation agreement with Visual China Group

PEN Concept Group AB (PEN) has signed a cooperation agreement with Visual China Group (VCG) in order to develop and promote exchange of Scandinavian design know-how and skills. PEN and VCG will collaborate to establish an exchange program for Chinese designers to learn about Scandinavian design, among others through onsite studies in Sweden. A close cooperation with selected universities is a key component to realize this exchange program.

For any inquiry regarding this press release, kindly contact:
Johan Burtus, CEO, PEN Concept Group AB
E-mail: johan.burtus@pen.se
Phone: +46 738 000 460

This information is insider information that PEN Concept Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication trough the agency of the contact person set out above, on January 19, 2018.

PEN Concept Group in brief
PEN Concept Group AB is a turnkey of interior and products for shops, exhibitions, events, restaurants and showrooms. The group runs its business through its Swedish subsidiaries PEN Interiör AB in Jönköping, PEN Shop Concept AB in Lerum and GOODS Sweden AB in Växjö. In China, sales and manufacturing is located to Qingdao where the subsidiary Oboya Shop Concept Qingdao Co., Ltd. is located.

Visual China Group in brief
VCG owns and manages China’s largest premium digital visual content platform, and is the first destination of choice for creative and media professionals to search, purchase and manage such content in China. Through its online licensing and copyright distribution platform VCG.com whose assets include 40 million editorial images, 30 million creative images and 1.25 million videos, with over 14,000 contributors and hundreds of image partners globally, the Group offers products including still imagery, videos, music, multimedia and other digital content to approximately 15,000 advertisers, media outlets and other organizations in China. It also operates China’s largest and most popular branded online communities for visual designers and photographers.

The Group further connects consumers and businesses with its capabilities in licensing and advertising across multiple sectors. Through Tungstar.com, the Group provides premium entertainment content and integrated marketing solutions to media agencies, advertisers, film-makers, producers and celebrities. Through a strategic entry into tourism, education and other sectors of high relevance to visual communications, the Group also leverages its core competence to capture the strong consumer demand for visual content.

Founded in 2000, VCG has successfully consolidated China’s image market over the years and led the transformation of the industry. It was the first company in China to license image and distribute copyrights through propriety online platforms. In 2014, VCG was listed on the main board of the Shenzhen Stock Exchange (000681.SZ) and has grown to command one of the industry’s largest market capitalizations. The Group has over 600 employees, with subsidiaries in major cities in Greater China including Beijing, Shanghai, Guangzhou, Shenzhen, Hong Kong and Taiwan.