Yunji Inc. (NASDAQ:YJ) Stock Soars 13%: What’s Going On?

Yunji Inc. (NASDAQ:YJ) jumped 13% after announcing that it will release its Q2 2020 financial results on August 26, 2021, before the market opens. The social e-commerce platform has also announced the celebration of the 11th anniversary of Solo Life, its skincare brand.

Shanglue Xiao founded the Solo Life brand in 2010and opened the maiden flagship store on Alibaba’s e-commerce platform Tmall. However, in the initial growth stages of Solo Life, it saw minimal platform support and limited exposure in the eCommerce platform and other platforms.

In 2015 the brand partnered with Yunji and used its platform to leverage eCommerce features empowering Solo Life and enabling it to better connect with customers. By leveraging Yunji’s eCommerce marketplace, Solo Life has seen considerable growth accumulating sales of around RMB3.7 billion since the commencement of the partnership. Equally, it has launched several megahit products and expanded beyond Yunji’s eCommerce platform to other marketplaces across china. Therefore, in the coming months, YJ is a stock to watch.

Market Reaction:

On Tuesday, YJ stock surged 9% at $0.85 with more than 252k shares, compared to its average volume of 286k shares. The stock has moved within a range of $0.7800 – 0.8500 after opening the trade at $0.78.