ByteDance, owner of TikTok and Chinese sister app Douyin, is disbanding its strategic investments team amid heightened scrutiny in Beijing of deal-making by the country’s major internet groups.
A senior executive told Nikkei Asia that ByteDance does not intend to halt investments in other companies, but will instead handle them through its existing divisions and concentrate on deals related to its current business focuses.
Read the full report: Nikkei Asia.
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