Shares of Aurora Mobile Ltd. JG,
doubled to a two-year high in active premarket trading on Friday after China-based mobile developer service provider announced a partnership agreement with rival Kuaishou Technology. TikTok backed by China-based technology giant Tencent Holdings Ltd. TCEHY,
to improve the efficiency of advertising monetization. Kuaishou went public on Friday in Hong Kong, with shares nearly tripling in its debut. Shares of Aurora Mobile soared 123% over the volume of 7.8 million shares before opening, which compares to the all-day average of some 683,000 shares. The company said its advertising-as-a-service (SaaS) software services will enable Kuaishou to help brands and advertisers target potential customers and improve conversion rates and reduce costs. Shares of Aurora had already doubled (123.6%) in the last three months to Thursday, while the iShares MSCI China MCHI ETF
had risen 11.5% and the S&P 500 SPX,
had gained 10.3%.