The central Chinese government similarly holds a 1% stake in a key unit of Twitter-like Weibo called Beijing Weimeng Technology
ByteDance is going through a review process and has submitted filings to Chinese authorities, and final guidance is expected from ByteDance by September
It's unclear if ByteDance will lay off more employees. Local media had earlier reported the shutting of the services
The Chinese tech giant, whose apps also include TikTok's Chinese twin Douyin and the news aggregator Toutiao, had kicked off initial preparations for an IPO of its domestic assets
The company is trying to sell the magic formula which made TikTok a huge success. Listen in to know more
China-based ByteDance which is parent company of TikTok, has reportedly started selling the AI technology of the short video-making app to other companies, including in India where the app is banned
In May, Zhang unexpectedly announced that he will step down as CEO of the TikTok owner amid Chinese' regulators' tightened scrutiny of the country's biggest technology firms.
TikTok owner ByteDance's total revenue more than doubled last year to $34.3 billion but its net loss widened to $45 billion, according to a company memo seen by Reuters
BEIJING (Reuters) - ByteDance, the Chinese owner of short video platform giant TikTok, launched a share buyback this week for current and former employees, two people with direct knowledge of the matter said on Wednesday.
China's internet watchdog said on Friday that companies including ByteDance, Baidu and Kuaishou had improperly collected user data.
Zhang will move to a 'key strategy' position at the end of this year, ByteDance said in a statement.
A burgeoning e-commerce business could help the firm surpass its $250 billion valuation when it goes public, countering concerns around Beijing's crackdown on the country's internet behemoths
Chew had served as Xiaomi's chief financial officer from 2015 to 2020, and ran its international business for a year.
The firm conducted a thorough study
38-year-old Zhang Yiming, is among the world's richest people -- a distinction that lately has carried increased risks in China
China's ByteDance said on Wednesday that its gaming unit Nuverse has acquired C4games, as it seeks to further expand into the video games business
The indirect taxes department has accused ByteDance of evading taxes and not paying its GST dues in full, a charge denied by the Chinese firm
ByteDance has said in court it does not owe the tax Indian govt is demanding and does not agree with the tax authority's decision to freeze its accounts
Beijing has repeatedly criticised India over that ban and those of other Chinese apps
ByteDance has mounted court challenge against directive, say sources; account freeze can hit ByteDance salaries, employees in India