(Yicai Global) June 28 -- Koolearn Technology Holding, a Chinese online education provider which found a new lease of life earlier this month after combining English lessons with livestreamed e-commerce, may be poised to enter the live sales market for makeup.

An account called Oriental Select Personal Care Makeup recently popped up on Douyin, the Chinese version of TikTok, where Koolearn’s livestreaming studio Oriental Select mainly sells agricultural products. The new account has not yet released any content.

New Oriental Education & Technology Group, Koolearn’s biggest shareholder, was forced to look for new revenue streams after China last year banned off-campus tutoring for students in compulsory education. The Beijing-based company launched Oriental Select at the end of December.

Oriental Select’s followers topped 10 million on June 16, a week earlier than analysts forecast, while its total sales stood at CNY206 million (USD30.7 million), according to figures from data agency Chanmama. Its makeup sales stood at CNY10 million (USD1.5 million), accounting for only about 5 percent of the total, suggesting there is still room for improvement.

Koolearn signed up Douyin accounts with names relating to Oriental Select shortly after opening it to prevent name abuse, Chinese tabloid Southern Metropolis Daily reported yesterday, citing the firm. Only two accounts, Oriental Select and Oriental Select Books, are in use, it added.

During this month’s so-called 618 shopping festival, Oriental Select was among the hottest livestreaming studios, with sales of more than CNY300 million (USD44.8 million) and an average of more than 10 million viewers a day. It drew several brands, also because it only requires a 15 percent sales commission and does not charge fees depending on the time hosts spend promoting the product.

Shares of Koolearn [HKG: 1797] edged 0.2 percent lower today to close at HKD16.84 (USD2.15). The stock has fallen 41 percent from a recent closing high of HKD28.60 on June 16.

Editor: Futura Costaglione