Logo for SMTME Entertainment, a joint venture between SM Entertainment and Tencent Music Entertainment in China (SM Entertainment) SM Entertainment has established a joint venture with Tencent Music Entertainment Group in China, setting the stage for joint development of a new idol group targeting the Chinese market.SM said Thursday that the new company, named STE, has been established in Beijing, with Super Junior-M member Zhoumi appointed as its CEO. STE's establishment follows a memorandum of understanding signed by SM and Tencent Music in May to strengthen cooperation between the two entertainment companies.One of the joint venture’s first major projects will be the development of a new Chinese idol group, with preparations already underway. The group aims to debut within the next two to three years.STE will oversee auditions and artist casting for the project and will take charge of the group’s local management in China following its debut.The company will also expand its role in managing SM artists active in the Greater China region. STE is set to oversee the regional management of Chinese SM artists, including Renjun of NCT Dream and Yangyang and Xiaojun of WayV, providing localized promotions and support for their entertainment activities.Zhoumi’s appointment as CEO brings together his experience as both an artist and an entertainment industry executive, according to SM.The Chinese singer has spent nearly two decades working in the K-pop industry as a member of Super Junior-M and as a solo artist. He has also served as a director at SM’s Chinese subsidiary, giving him experience in both entertainment management and the local market."By fully combining SM's unique strengths in IP and content production with the characteristics of the Greater China market, we will present differentiated content and generate meaningful results by serving as a bridge between the two companies," said Zhoumi in a press release issued by SM Entertainment.