Lizhi Inc. (NASDAQ: LIZI) has kicked off Monday with a strong performance as its stocks surged 62.64%. The company has received positive sentiments from its investors after it announced that it has been chosen into the first 10 Guangdong-based online audiovisual companies to take part in a local government-backed pilot program. Lizhi is the first in its region to be chosen for this pilot program.
The Chinese company is moving forward with the mission to provide an opportunity for everyone to showcase their vocal talent. This pilot project includes those companies that lead innovation in products, services, and business models through the development, promotion, and use of modern technology and contribute to the growth of the online audio industry.
Guangdong Province which is considered to be the home of tech and internet giants is searching for new government models for the online audiovisual industry. This new project which is backed by the government will promote the healthy development of diverse, high-quality on-demand and streaming content.
Lizhi Inc. (NASDAQ: LIZI) shares were trading up 62.640% as it gained +1.66 at $4.31 at the time of writing on Monday. Lizhi Inc.’s share price went from a low point around $1.97 to briefly over $15.25 in the past 52 weeks, though shares have since pulled back to $4.31. It has moved up 127.41% from its 52-weeks low and moved down -70.62% from its 52-weeks high. LIZI market cap has remained high, hitting $104.99M at the time of writing.
LIZI is best known for its services as an online audio content management platform. This platform aimed to deliver various content coupled with positive values to the public. LIZHI app has combined the multiple contents into its AI-driven recommendation algorithm and distribution engines. The company has also focused on providing age-appropriate content for younger audiences.
The internet content and information company is striving to bring new innovations in the online audiovisual industry. LIZHI is using AI-driven technology to increase its ability to support content creators. It is also working on its copyright protection system.