Samreen Ahmad · · 1 min readByteDance overhauls investment teams amid fears of China deal limits
TikTok owner ByteDance is making several changes to its investment teams as stricter restrictions from Beijing loom large on the company.
While the Chinese tech giant is disbanding its internal venture capital and investing team that backs startups, another team targeting companies that can help ByteDance’s businesses is being overhauled, reported Bloomberg, citing sources familiar with the matter.
Under new guidelines being developed by the Cyberspace Administration of China, companies that serve more than 100 million users or have over US$1.5 billion in revenue need to get regulatory approval before any investment or fundraising, according to a Reuters report.
Companies such as Tencent Holdings, Alibaba Group, Meituan, Didi Global, and Baidu could also be affected by this regulation.
Editing by Collin Furtado and Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
