The Chinese e-commerce network is on a roll following a new collaboration deal that will leverage Yunji’s online store and video account on Douyin.
Shares of Yunji Inc. Skyrocketed on Tuesday as the stock soared above 100%. The Chinese leading social e-commerce platform is set to announce its third-quarter 2020 results on Nov. 26, 2020.
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On Nov. 25, the company announced that it has signed a cooperative framework agreement with Douyin. Yunji has collaborated with the leading Chinese live-streaming network that is owned by Bytedance.
The investors are expecting a good response from the company as the online audience has increased significantly during the pandemic.
YJ soared as high as $5.71 almost nearing its 52-week high of $5.95. At close,Yunji stock was trading at $4.29 up by 90.67%. The trading volume was also high above 102 million compared to the average volume of 1.8 million.
Following the collaboration deal, the stock is pushing further upwards. As we write this at 6:42 A.M. EST, YJ was trading at $5.97 soaring by 39.16%.
The partnership deal is based on Yunji’s objective of exploring live streamlining opportunities. The company wants to experience the outside areas where e-commerce can have an impact through streaming resources and product supply chain.
Douyin through its leading streaming platform will support Yunji’s ecosystem. It will help the e-commerce firm to promote its products sourced from its differentiated supply chain. Yunji’s online store and video accounts will come across a higher audience and the traffic volume will increase.
Moreover, Douyin’s live streaming events that attract large audiences will allow Yunji to explore its high-quality private label and provide a broader consumer base range. This will include premium products, joint-venturebrands, and other supply chain product lines.
In last month, Yunji appeared on a live stream for the first time where the firm’s CEO Shanglue Xiao introduced specific goods to the audience. The live stream hit a massive audience of 10.7 million, which ended up in gross merchandise value (GMV) of RMB87.5 million.
In that premise, the company also collaborated with certain other streaming platforms and attained remarkable results. During the 11/11 Shopping Carnival, Yunji partnered with Yi Ge streaming network and obtained RMB50.2 million in GMV. Primarily, the company gathered an estimated GMV of RMB170.0 million via three streaming events that were hosted on Douyin.
Yunji Inc. (YJ) is looking forward to announcing the Q3 2020 results before the market opening on Thursday, Nov. 26. The earnings call is scheduled to take place at 7:00 A.M. EST tomorrow.