Yunji Inc (NASDAQ: YJ) is screaming for the top in the market this morning, and for good reason. The company announced a cooperative framework agreement, exciting investors. Here’s what’s happening:
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YJ Stock Is Flying On Cooperative Framework Agreement News
In the press release, Yunji announced that it has signed a cooperative framework agreement with Douyin’s E-Commerce Business. according to the announcement, the agreement is in line with the company’s strategy of exploring the live streaming potential of external platforms in supply chain, e-commerce streamer resources, and platform traffic and other areas.
YJ went on to explain that as a result of the agremeent, it will leverage its online store and video account on Douyin’s E-Commerce Business to introduce and promote more quality products sourced throughout its supply chain.
The company also plans on hosting interactive live streaming events on the platform, which will allow the company to expand the influence of its private label and joint-venture brands in its network. Moreover, the agreement will allow the company access to a broader customer base with access to premium products.
In the release, YJ went on to explain that it made its live streaming debut in a popular streamer’s live stream room on the partnered platform in late-September. As part of the event, Founder and CEO at YJ, Shanglue Xiao made a guest appearance, introducing a number of select goods to the audience.
The company went on to explain that the event reach 10.7 million views and recorded RMB87.5 million in gross merchandise value. As a result, the company said that it collaborated with another popular streamer and achieved positive results.
So far, through live streaming events, YJ has generated a cumulative GMV of RMB170 million through three live streaming events hosted on Douyin’s E-Commerce Business to date.
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The Bottom line
The news released by Yunji this morning proved to be overwhelmingly positive, through streaming events, YJ has generated both, significant interest and compelling revenue. Considering this, it only makes sense that the company would take the next step to further capitalize on the opportunity.
That’s what today’s framework agreement is. Essentially, it’s a way for YJ to further expand its cooperation with Douyin’s E-Commerce Business, expanding revenue and earnings in the process. Moreover, with Joe Biden winning the Presidential Election, economic conditions for China are likely to improve, only serving to further provide a catalyst for growth for the stock. All in all, it’s not surprising to see so much excitement surrounding YJ stock this morning.
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