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BYTEDANCE’S RISE
ByteDance is one of China’s fastest growing startups. It owns the country’s leading news aggregator, Jinri Toutiao, as well as TikTok, which has attracted celebrities like Ariana Grande and Katy Perry.
ByteDance counts Japanese technology giant SoftBank, venture firm Sequoia Capital and big private-equity firms such as KKR, General Atlantic and Hillhouse Capital Group as backers.
Analysts have called ByteDance a strong threat to other Chinese tech industry firms including social media and gaming giant Tencent Holdings Ltd and search engine leader Baidu Inc. Globally, ByteDance’s apps have 1.5 billion monthly active users and 700 million daily active users, the company said in July. |