Shares of GD Culture Group Ltd. (GDC) experienced a staggering surge of 92.5% during premarket trading on Monday. The Hong Kong-based company revealed its plans to venture into the rapidly growing live-streaming e-commerce industry on the popular social media platform, TikTok.
The trading volume soared to 7.7 million shares, far exceeding the average of approximately 44,200 shares over the previous 30 days. Emphasizing the significance of this move, CEO Xiaojian Wang expressed, "The global e-commerce paradigm is shifting. With our TikTok live-streaming initiative, GDC aspires to not only be a part of this evolution but to be a leading voice in it."
GD Culture's stock initially caught investors' attention on May 1, when it experienced a staggering surge of 1,140%, despite no significant news being reported. This increase positioned the company among several other small-cap China-based firms that captivated investor interest. However, over the last three months, the stock has undergone a decline of 42.8%, while the iShares MSCI China ETF (MCHI) recorded a slight decrease of 2.1%, and the S&P 500 (SPX) achieved a gain of 4.8%.
More details regarding GD Culture Group's foray into live-streaming e-commerce on TikTok are yet to be unveiled, but this significant development points to the company's unwavering commitment to adapt and thrive in the evolving global e-commerce landscape.
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