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Miguel Cordon · · 1 min readReport: ByteDance aims to grow ecommerce biz by over 3x in 2021
“As ByteDance prepares for a historic initial public offering, an internal memo leaked, showing TikTok’s owner aiming to grow advertising sales in China by 42% and tripling the size of its ecommerce business this year,” Bloomberg reported, citing a leaked memo.
Details:
- ByteDance looks to bump up ad revenues for its Chinese businesses to 260 billion yuan (US$39 billion) this year from US$28 billion the year prior.
- The internet titan is also seeking to generate as much as US$92 billion in ecommerce gross merchandise value this year, up from US$26 billion last year.
Context:
- The targets are still preliminary figures and are subject to change, a person familiar with the matter told Bloomberg.
- The report comes as ByteDance prepares for its major listing in Hong Kong, carrying a valuation of nearly US$400 billion.
Currency converted from yuan to US dollar: US$1 = 6.52 yuan.
Editing by Collin Furtado and September Grace Mahino
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