NEW YORK, June 4 (Xinhua) -- Shares of membership-based e-commerce platform Yunji Inc. rose on Tuesday after it reported strong quarterly results.

The Chinese company reported total revenues of about 502.8 million U.S. dollars for the first quarter of the year, an increase of 53.2 percent year over year in an announcement of its quarterly unaudited financial results.

Its gross merchandise volume (GMV) increased by 93.7 percent year over year to 1 billion dollars, according to the company.

Shares of Yunji rose 2 percent to close at 11.22 dollars apiece on Tuesday.

Shanglue Xiao, chairman and chief executive officer of Yunji, said the sharp increase in GMV was "mostly driven by the growth of our membership base, implementation of a new marketplace business model, and innovations to our supply chain network."

The company reported a 22.4-percent increase in the number of cumulative members as of March 31, as compared with Dec. 31 last year. The company had 9 million cumulative members by the end of the first quarter.

Founded in 2015, the company based in the eastern Chinese city of Hangzhou, applies a membership-based model that leverages the power of social interaction. It offers products at attractive prices and incentivizes members to promote its platform and share its products with their social contacts.