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Pingtan Marine Enterprise to Enter Live Boardcast E-Commerce

Feb. 4, 2021

Pingtan Marine Enterprise Ltd. a fishing company based in the People's Republic of China has signed a Cooperation Agreement with Scienjoy Holding Corporation, and Hangzhou Liyumen Technology Development Limited ("Liyumen"), for strategic cooperation in the field of live broadcast e-commerce, and jointly to build a pelagic aquatic live broadcast brand.

Pursuant to the Agreement, the three parties will jointly formulate the details of pelagic aquatic live broadcast related business cooperation, including product standards, price systems and brand operations along with other aspects.

In recent years, live broadcast e-commerce and multi-channel network (MCN) have developed rapidly in China. Live broadcast e-commerce has been further developed especially after the COVID-19 pandemic, and the business model is well established. The market predicts that the scale of China's live broadcast e-commerce gross merchandise value (GMV) will exceed RMB 1.2 trillion (US$185 billion) in 2021.

Scienjoy is a leading supplier in the field of live video streaming broadcast in China. In addition to operating its own multiple live streaming platforms, Scienjoy provides technical infrastructure to enable live broadcast companies, online users, and viewers to communicate with each other. Liyumen has rich experience in live broadcast e-commerce operations and MCN anchor training experience. Through this strategic cooperation, Scienjoy and Liyumen will assist Pingtan to start live broadcast marketing of Pingtan's pelagic aquatic products in Tik Tok, SnackVideo, Tmall, Taobao, JD, and WeChat Video Account, and in Scienjoy's own live broadcast platforms and private traffic e-commerce fields; and to provide market analysis, channels and technical support.

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented: "In the last week, we have signed a strategic cooperation framework agreement with World Telecom Satellite Technology Limited and Wuhan Incar Technology Limited to develop the high-speed data communication platform, PME-Live, for pelagic fishing vessels based on the integration of satellite and 5G technologies, and to establish and deploy our supply chain platform, PME-Track, based on blockchain technology.

We believe that once we complete these technology platforms, Pingtan will become the first fishery company in China to engage in the live broadcast e-commerce for pelagic aquatic products, which will be a great result from the cooperation with Scienjoy and Liyumen, as this cooperation will greatly strengthen our position in live broadcast e-commerce.

As a high-quality content for livestreaming, our pelagic aquatic products will be broadcasted by the experienced MCN company through advanced communication technology and live broadcast platforms and will provide viewers and consumers with high degree of visual and taste satisfaction. We expect the development of the vertical e-commerce business will bring Pingtan's operating performance to a higher level, and we are very much looking forward to the future."

 


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