Shares of Aurora Mobile Ltd. JG,
more than doubled to a two-year high in active premarket trading on Friday, after the China-based mobile developer service provider announced a partnership agreement with Kuaishou Technology, the TikTok rival backed by China-based technology giant Tencent Holdings Ltd. TCEHY,
to improve the efficiency of advertising monetization. Kuaishou went public in Hong Kong on Friday, with its share nearly tripling on its debut. Shares of Aurora Mobile were up 123% on pre-opening volume of 7.8 million shares, which is on par with the daily average of approximately 683,000 shares. The company said that with its advertising software-as-a-service (SaaS) services, Kuaishou can help brands and advertisers target potential customers, improve conversion rates, and reduce costs. Aurora’s stock had already more than doubled (up 123.6%) in the past three months through Thursday, while the iShares MSCI China ETF MCHI,
was up 11.5% and the S&P 500 SPX,
had gained 10.3%.