Business
Scienjoy Signs MOU with Douneng Maihuo, a Leading E-Commerce Provider on Douyin
BEIJING, May 10, 2021 /PRNewswire/ -- Scienjoy Holding Corporation ("Scienjoy", the "Company") (NASDAQ: SJ), a leading live entertainment mobile streaming
About this update from Scienjoy Holding Corporation
[{"type":"text","content":"BEIJING, May 10, 2021 /PRNewswire/ -- Scienjoy Holding Corporation (\"Scienjoy\", the \"Company\") (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China, is pleased to announce it has signed a memorandum of understanding (MOU) with Beijing Douneng Maihuo Culture Media Co., Ltd. (\"Douneng Maihuo\"), a prominent multi-channel network (MCN) and health e-commerce provider on Douyin. Both sides have signed the MOU to establish an official partnership and explore cooperation details. This announcement marks a substantial step in Scienjoy's expanded presence in livestreaming e-commerce. \nDouneng Maihuo stands out as one of the few MCNs in China that comprehensively covers the categories of fitness, fashion, health and weight loss. It is dedicated to establishing a health industry base and incubating and training Key Opinion Leaders (KOLs) and livestreaming broadcasters. In addition, it provides a one-stop solution for Key Opinion Consumer (KOC) training, live broadcast services, supply chain management and self-media content production. At present, Douneng Maihuo has nearly a hundred KOLs and has achieved rapid growth in 2021 with over 40x year-over-year growth in the first quarter of 2021. Douneng Maihuo has become a leading e-commerce provider on Douyin, the Chinese version of TikTok owned by ByteDance. In 2019 it was named as a top MCN in Douyin's health and fitness category and was chosen in campaigns to introduce and recommend products to Douyin users. \nDouneng Maihuo's operations include providing famous health food brands with integrated marketing solutions, training KOLs to become leading influencers in health and fitness, and aiming to operate China's largest private domain traffic for the health industry by aggregating fans on its health KOLs matrix. Douneng Maihuo uses precision marketing to target Chinese consumers who are concerned about health and fitness with health food and nutritional supplements brands such as BE-KIND, My Protein and Nestle. \nChina's e-commerce livestreaming industry has huge room for development and a high market growth rate. According to a report on the livestreaming industry published by iResearch Consulting Group, the gross market value (GMV) of e-commerce livestreaming in China was RMB451.29 billion in 2019, accounting for 4.5% of China's overall online shopping market...