ZW Data Action Technologies Inc. (NASDAQ: CNET) shares soared 95.21% during the pre-market trading session of Wednesday. The higher performance of the company showed the positive sentiments of the investors after it has launched its first live streaming platform.
The media company has chosen the Guangdong-Hong Kong-Macao Greater Bay Area, for the location of the Platform. In China, the trend of live streaming e-commerce continuously increasing and various companies are turning their focus towards live streaming e-commerce to expand their businesses. iMedia Research’s data disclosed that the industry is expected to reach nearly $1.5 trillion in 2020 and $2.2 trillion by 2021.
ZW Data Technologies is also planning to make the live broadcast business as its main business and is expecting to gain profit from the business. The Platform has a 5,000-square-meter office that offers a powerful live streaming channel.
Shares of ZW Data Technologies soared 108.22% during the pre-market trading session of Wednesday. In the past 52-weeks of trading, this company shares fluctuated between the 52-weeks low range of $0.54 and a high range of $2.11. It has moved up 170.32% from its 52-weeks low and moved down -30.81% from its 52-weeks high. Looking at its liquidity, it has a current ratio of 1.30. This company’s market capitalization has remained high, hitting $32.62 million at the time of writing.
ZW Data Action Technologies is preparing to introduce its first tenant, the Live Streaming Professionals Committee of China Association of National Advertisers on its opening day. The firm is moving forward with the aim to provide an online platform for small and medium-size retailers. It also aimed to create a secure program for its customers.
The new platform of the firm is driven by the Blockchain Integrated Framework for Retail Business (BIF). BIF will help businesses in recording and guarantee reliable data for shopping deals.