Pingtan Marine Enterprise Ltd. announced it has signed a Cooperation Agreement (the "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 (USD 185 billion) in 2021.