Bytedance


China fines Tencent and 10 other firms for anti-monopoly breaches

China fines Tencent and 10 other firms for anti-monopoly breaches

(ATF) China fined 11 companies on Friday including tech giant Tencent for acquisitions and joint ventures as authorities target monopolistic practices. The news comes amid a crackdown on operators of fintech and online trading platforms.Several weeks ago e-commerce giant Alibaba was hit with a $2.78 billion fine by China's market …

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ByteDance valuation soars to $400bn as IPO talk intensifies 

ByteDance valuation soars to $400bn as IPO talk intensifies 

(ATF) ByteDance, the parent company of popular short video app TikTok, has reportedly set in motion an initial public offering (IPO) for Hong Kong with a US$400 billion valuation.The valuation of the Beijing-based start-up is swelling quickly as the market capitalisation of its rival Kuaishou has almost doubled since its …

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After Alibaba’s $2.8bn antitrust fine, who will be the next target?

After Alibaba’s $2.8bn antitrust fine, who will be the next target?

(ATF) Alibaba Group’s shares rose in Hong Kong after Chinese authorities announced a fine of over $2.8 billion on the e-commerce giant – but shares of other Chinese internet giants have plunged. Analysts say Alibaba won’t be the last target of Beijing’s anti-monopoly campaign, and other e-commerce giants, such as …

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India dismisses ByteDance plea even as company alleges harassment

India dismisses ByteDance plea even as company alleges harassment

(ATF) Mumbai's High Court has declined a grant relief bid by China's ByteDance, owner of the TikTok video app, after it challenged the local tax authority's decision to block its Indian bank accounts, dealing a blow to its operations.An Indian tax intelligence agency ordered HSBC and Citibank in Mumbai in …

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Big-tech complains but complies as governments crack down 

Big-tech complains but complies as governments crack down 

A government committee led by President Xi Jinping said in mid-March that China would increase oversight of internet platforms to pace the digital economy’s quick development. The pledge follows fines, warnings and mandated service reductions aimed at major Chinese companies since November, when regulators mothballed fintech giant Ant Group’s $37 …

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ByteDance triumphs in $4bn battle for Mobile Legends creators Montoon 

ByteDance triumphs in $4bn battle for Mobile Legends creators Montoon 

Online tech giant ByteDance is rumoured to have beaten rival Tencent in the battle to get their hands on gaming studio Montoon Technology. It emerged on Monday that ByteDance’s video games unit Nuverse has agreed to acquire the Shanghai-based gaming outfit, as it looks to further expand into the video …

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China's tech executives called in for security warning over 'deepfakes'

China's tech executives given security warning on 'deepfakes'

(ATF) Executives from top tech companies such as Bytedance, Alibaba, Tencent and eight others were summoned by authorities in China for talks on March 18 about "deepfake" technologies and security. The National Internet Information Office and the Ministry of Public Security have instructed local IT departments and public security agencies …

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Tencent says exec’s arrest not connected to WeChat app claims 

Tencent says exec’s arrest not connected to WeChat app claims 

Hong Kong’s most valuable company, Tencent, has dismissed claims the arrest of one of its executives is to do with allegations over the sharing of personal data from its popular WeChat app.The tech giant says the executive is being held by Chinese authorities over allegations of 'personal corruption’ in the …

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China's TikTok sues Tencent for monopolistic practices

China's TikTok sues Tencent for monopolistic practices

(ATF) ByteDance’s Douyin, the Chinese version of TikTok, has filed a lawsuit in a Beijing court against Tencent Holdings for monopolistic practices and asked for 90 million yuan (nearly $14 million) in compensation. Tencent hit back by saying ByteDance’s claims are “malicious slander” and vowed to countersue its rival.“Since April …

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Indian apps seize opportunities as ByteDance India cuts staff

Indian apps seize opportunities as Bytedance India cut staff

(ATF) As Chinese internet giant ByteDance begins the process of laying off staff and scaling down its operation in India after it was banned last year, local app and online content developers are seizing the opportunity to make their presence felt.Indian app developers say the demand for local apps and …

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