Shares of Chinese e-commerce company Yunji (NASDAQ:YJ) soared in early trading on Wednesday, after the company highlighted sales figures from a recent live-stream event. As of 10:30 a.m. EDT, Yunji stock was up only 3%, but it had been up 18% earlier in the session.
According to a press release from Yunji, it held a live-stream sales event on a platform called Douyin — owned by TikTok’s parent company, Bytedance. During the event, Yunji’s CEO highlighted over 40 different products in various categories. And Chinese consumers apparently liked what they saw. The company generated gross merchandise volume (GMV) of RMB 87.5 million from the event.
This is roughly equivalent to $12.9 million. For perspective, Yunji’s GMV for the second quarter of 2020 was about $1.1 billion. So while the live-stream event did produce sales, it’s a relatively small figure for the company.