Xiao Shanglue, Yunji CEO, makes a speech at a ceremony in Hangzhou on Friday celebrating the company's IPO. [Photo provided to chinadaily.com.cn]

Chinese e-commerce platform Yunji Inc on May 3 rang the Nasdaq bell in Times Square, New York in celebration of its initial public offering on the Nasdaq Stock Market.

Hangzhou, Zhejiang-based Yunji is based on a membership model that uses the social interaction, offering products at attractive prices and incentivizing members to share products with their social contacts.

"We are proud to become one of the many entrepreneurial and innovative companies that call Nasdaq home," said Xiao Shanglue, Yunji CEO.

"This is just a beginning for us. We will continue to innovate, grow, and execute on our mission to make commerce simpler and people's lives better. We are excited to partner with Nasdaq as we enter our next phase of growth."

A celebration was held in Hangzhou on May 3 to mark Yunji's IPO on Nasdaq. [Photo provided to China Daily]

Founded in 2015, the company generates revenue primarily from selling products to users, including both members and non-members.

As of the end of last year, it had accumulated 7.4 million members, according to the company.

Yunji booked about $1.9 billion in sales for the 12 months that ended on Dec 31 last year.

China's online retail industry continues to grow.

The online penetration rate of the retail market increased from 10.3 percent in 2015 to 17 percent in 2017, and is expected to further increase to 24.4 percent in 2022, the company said in its prospectus, citing statistics from the China Internet Network Information Center.

Xinhua contributed to this story.