Lizhi Inc. (NASDAQ: LIZI) shares spiked about 50% after the company announced that it has been selected into first 10 Guangdong-based online audiovisual companies to participate in a local government-backed pilot program, which selects companies that lead the innovation in products, services and business models through the development, promotion and application of new technologies, and play a significant role in the development of online audiovisual industry.
Lizhi Inc. operates an online user-generated content audio community, interactive audio entertainment platform, and online audio platform in China.
With the deployment of 5G network, the rapid development of AI and the IoT tech, Guangdong Province is exploring new governance models for the online audiovisual industry to promote healthy development of diverse, high-quality on-demand and streaming content. In late 2019, the Administration of Radio, Film and Television of Guangdong Province commissioned an independent group of specialists to authorize the industry’s leading 5G and Smart Audiovisual pilot organizations in the jurisdiction.
“We are truly honored to be selected into this pilot program among the first in the region. The Administration’s recognition of LIZHI reaffirms the role that our platform plays in creating a global audio community where the world can create, share and connect through audio and across cultures,” said Mr. Ning Ding, Co-Founder and Chief Technology Officer of LIZHI.