TikTok owner ByteDance cutting investment team amid China crackdown — sources

19/1/2022 6:14:00 PM

Tech: TikTok owner ByteDance cutting investment team amid China crackdown — sources - Reuters

Tech: TikTok owner ByteDance cutting investment team amid China crackdown — sources - Reuters

BEIJING (Jan 19): TikTok owner ByteDance is shrinking its investment team and dissolving a subgroup focused on financial returns in response to regulatory crackdowns in China, three sources familiar with the matter said on Wednesday.ByteDance had divided its external investment arm into financial and strategic wings, with the latter aimed at funding businesses that could find synergies with its own.Employees on the financial investments team have been told by ByteDance executives that the team will be disbanded and they

BEIJING (Jan 19): TikTok owner ByteDance is shrinking its investment team and dissolving a subgroup focused on financial returns in response to regulatory crackdowns in China, three sources familiar with the matter said on Wednesday.ByteDance had divided its external investment arm into financial and strategic wings, with the latter aimed at funding businesses that could find synergies with its own.

Employees on the financial investments team have been told by ByteDance executives that the team will be disbanded and they have been encouraged to look for opportunities elsewhere, internally or externally, two of the sources told Reuters.ByteDance said in a statement that it was disbanding its group-level strategic investment team and moving employees to various business units, after a review earlier this month highlighted investments with"low synergies".

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TikTok owner ByteDance reorganises strategic investment teamBEIJING (Reuters) -ByteDance, the owner of short video app TikTok, announced on Wednesday that it was overhauling its strategic investment team after its business analysis earlier this month highlighted investments with 'low synergies'.

TikTok owner ByteDance reorganises strategic investment teamBEIJING (Reuters) -ByteDance, the owner of short video app TikTok, announced on Wednesday that it was overhauling its strategic investment team after its business analysis earlier this month highlighted investments with 'low synergies'.

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A BEIJING (Jan 19): TikTok owner ByteDance is shrinking its investment team and dissolving a subgroup focused on financial returns in response to regulatory crackdowns in China, three sources familiar with the matter said on Wednesday.Five reasons Microsoft is making Activision Blizzard its biggest deal ever FILE PHOTO: The ByteDance logo is seen in this illustration taken, Nov.Five reasons Microsoft is making Activision Blizzard its biggest deal ever FILE PHOTO: The ByteDance logo is seen in this illustration taken, Nov.A HONG KONG/BEIJING (Jan 19): China's cyberspace regulator has drafted new guidelines that will require the country's large internet companies to obtain its approval before they undertake any investments or fundraisings, sources familiar with the matter said on Wednesday.

ByteDance had divided its external investment arm into financial and strategic wings, with the latter aimed at funding businesses that could find synergies with its own. Employees on the financial investments team have been told by ByteDance executives that the team will be disbanded and they have been encouraged to look for opportunities elsewhere, internally or externally, two of the sources told Reuters. REUTERS/Dado Ruvic/Illustration BEIJING (Reuters) -ByteDance, the owner of short video app TikTok, announced on Wednesday that it was overhauling its strategic investment team after its business analysis earlier this month highlighted investments with"low synergies". ByteDance said in a statement that it was disbanding its group-level strategic investment team and moving employees to various business units, after a review earlier this month highlighted investments with"low synergies". ByteDance will disband its group-level strategic investment team and move employees to the six business units, including TikTok and its Chinese version Douyin, that it created in October in a major organisational reshuffle. It did not respond to a Reuters request for comment on the dissolving of the financial investment team. The overhaul is designed to"enhance collaborations between strategy research and business operations," the company said. ByteDance's six business units, which it created in October in a major organisational reshuffle, include TikTok and its Chinese version Douyin. The sources declined to be identified as the information was not yet public.

The overhaul of its strategic investment team is designed to"enhance collaborations between strategy research and business operations", the company said. ByteDance's latest high-profile investment includes its $4 billion acquisition of Shanghai-based gaming studio Moonton Technology last year. ByteDance's latest high-profile investment includes its $4 billion acquisition of Shanghai-based gaming studio Moonton Technology last year. The Beijing-based company has been reducing the size of its investment team as Beijing has been strengthening anti-monopoly efforts to rein in corporate giants, four people familiar with the situation said. Over the past year, Beijing has clamped down on antitrust violations, banned private tuition groups, and reined in a debt binge by property developers, wiping hundreds of billions off the market capitalisations of some of its largest companies, including e-commerce giant Alibaba and social media giant Tencent. (Reporting by Yingzhi Yang, Zhang Yan, Xie Yu, Cheng Leng, and Brenda Goh; Editing by Jacqueline Wong and Louise Heavens) Article type: metered. ByteDance's latest high-profile investments included its US$4 billion acquisition of Shanghai-based gaming studio Moonton Technology last year. Moonton is best known in Southeast Asia for its online game Mobile Legends. China has routinely updated a negative list prohibiting foreign investment in sectors such as compulsory education institutions, news organisations and rare earth minerals.

It has also acquired virtual-reality headsets maker Pico and backed Chinese coffee chain brand Manner. Subscribe to Mid-day email alert We deliver news to your inbox daily .