Benzinga | May 10, 2021 07:18AM EDT

Scienjoy Signs MOU with Douneng Maihuo, a Leading E-Commerce Provider on Douyin

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.

Douneng 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.