(Yicai) Aug. 29 -- Chinese live sales broadcast firms Yaowang Technology, Oriental Selection and Making Friends posted big jumps in merchandise transactions in the first half from the same period last year as livestreaming dominates China’s online shopping market.

Yaowang Technology, which has more than 50 celebrity live sales hosts, logged a 9 percent leap in gross merchandise volume in the first half from a year earlier to CNY6 billion (USD823 million), according to the Hangzhou-based company’s interim report released yesterday.

Oriental Selection posted a GMV of CNY10 billion (USD1.4 billion) for its own brand of products and live-streamed e-commerce segment in the fiscal year 2023, it said. The revenue generated amounted to CNY3.9 billion (USD534.8 million), accounting for 86 percent of total revenue.

And Making Friends reported a GMV of CNY5 billion (USD687 million) for the period.

Livestreaming is becoming the main sales model in China’s e-commerce market. Live sales turnover in the first half reached CNY1.9 trillion (USD273.2 billion). The number of people using live streaming services jumped 9.9 percent in the first six months year on year to 520 million and they are being served by around 23,000 live streaming companies.

Yaowang’s revenue surged 25.6 percent in the six months ended June 30 from a year earlier to CNY2.2 billion (USD302.6 million) but, due to its transformation into a life services company, the firm logged losses of CNY210 million (USD28.8 million), compared with profit of CNY110 million a year earlier. Its sales of Disney merchandise and Wuling Motors’ autos during the 618 online shopping gala in June topped CNY100 million (USD13.7 million).

Oriental Selection, which mainly operates on TikTok’s Chinese version Douyin, set up its own app in July and opened a studio on Taobao Live, the livestreaming platform run by e-commerce giant Alibaba Group Holding's e-retailer Taobao, today.

Making Friends, which has a presence on Douyin, Taobao and e-retailer JD.com, posted an 18-fold surge in net profit in the first six months year on year to CNY95 million (USD13 million), while revenue more than tripled to CNY433 million (USD59.5 million).

Livestreamed e-commerce turnover is expected to surge 30.4 percent this year from the year before to CNY4.5 trillion (USD617 billion), according to digital services data provider Netsun.

Editor: Kim Taylor