- The stock price of Yunji Inc (NASDAQ: YJ) is trading at more than 160% over the past week as it went from $1.86 to $4.91 as of 11:11 AM ET today. This is why it happened.
The stock price of Yunji Inc (NASDAQ: YJ) is trading at more than 150% over the past week as it went from $1.86 to $4.91 as of 11:11 AM ET today. One of the biggest triggers for the stock price increase is an announcement that it signed a deal with Bytedance’s live streaming platform Douyin.
As part of the agreement, Yunji is going to integrate its social e-commerce platform including an online store and video platform on Douyin for launching products through its supply chain. Plus Yunji is going to expand the influence of its private label and joint venture brands through live streaming events on Douyin.
During the first-ever live streaming show on Douyin, Yunji had generated RMB87.5M in gross merchandise value (GMV) and 10.7 million views on September 25. As part of this event, Yunji Founder and CEO Shanglue Xiao made a guest appearance and introduced several products to the audience.
Following the positive results, Yunji had partnered with another popular streamer for the Double Eleven Shopping Carnival and reported RMB50.2 million in GMV as a result. Including those events and another live streaming event, Yunji generated a cumulative GMV of RMB170.0 million hosted on Douyin’s E-Commerce Business to date.