EXID's agency, Yedang Entertainment, will launch a joint venture company.

With Yedang Entertainment revealing the news on Jan. 6 about EXID making a major move towards conquering the Chinese music market and signing with Banana Project, more information has been released.

Announcing the launch on Wednesday, March 2, Yedang Entertainment revealed that its corporate name will be changed to "Banana Culture," which the agency launching a joint venture company in Seoul with Chinese media group Banana Project.

According to Yedang Entertainment, the Chinese media firm's chief, Wang Sicong, is the son of Wanda Group chairman Wang Jianlin.

Once the Korea-China joint firm launches, it will focus on both local and overseas activities of its talent, according to Banana Culture's chief executive, Yoo Jae Woong.

In press release, Yoo Jae Woong revealed what the future holds for both firms.

"Our goal is to foster a prolific environment for diverse (entertainment) content, before our entrance to the Chinese market," said Yoo, as reported by Koogle TV.

Meanwhile, EXID's previous activity is the group successfully holding their first official concert EXID's LEGGO SHOW on Feb. 14 in Mapo-gu district, Seoul.