Update: China's Aurora Mobile Shares Soar on Partnership With Tencent-Backed TikTok Rival Kuaishou
02:33 PM EST, 02/05/2021 (MT Newswires) -- (Updates share price, adds background in second paragraph)
Aurora Mobile (JG) shares were up 34% in afternoon trading after the Chinese mobile developer service provider struck a partnership deal with Kuaishou Technology, a short video content platform provider backed by China's Tencent, to improve advertising monetization efficiency.
Financial terms were not disclosed. Kuaishou, which made a strong debut on the Hong Kong stock market on Thursday, competes with Douyin, the Chinese version of TikTok owned Bytedance.
The company said it will use its artificial intelligence and analysis technologies to allow Kuaishou to help brands and advertisers target potential customers, enhance ad conversion rates, and cut costs. The deal includes a revenue share agreement based on ad revenues allocated to Kuaishou if the labels provided by Aurora Mobile are used by advertisers on the platform.
Price: 5.34, Change: +1.36, Percent Change: +34.17