Chinese e-commerce platform Yunji Inc on Friday 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."