Aurora Mobile’s stock more than doubles on heavy volume after partnership with TikTok rival Kuaishou

Shares of Aurora Mobile Ltd.
JG,
+4.19%
more than doubled toward a two-year high in active premarket trading Friday, after the China-based mobile developer service provider announced a partnership agreement with Kuaishou Technology, the TikTok rival backed by China-based technology giant Tencent Holdings Ltd.
TCEHY,
+1.48%,
to improve advertising monetization efficiency. Kuaishou went public in Hong Kong on Friday, with the stock nearly tripling in its debut. Aurora Mobile’s stock soared 123% on volume of 7.8 million shares ahead of the open, which compares with the full-day average of about 683,000 shares. The company said its advertisement software-as-a-service (SaaS) services will allow Kuaishou to help brands and advertisers to target potential customers and improve conversion rates and cut costs. Aurora’s stock had already more than doubled (up 123.6%) over the past three months through Thursday, while the iShares MSCI China ETF
MCHI,
+0.03%
had climbed 11.5% and the S&P 500
SPX,
+1.09%
had gained 10.3%.