China’s ByteDance is giving off some serious vibes ahead of its hotly anticipated initial public offering. The outfit behind viral video app TikTok has snapped up a local video-games studio less than a month after it bought another rival valued at a mooted $4 billion. It shows boss Zhang Yiming is serious about expanding into the sector, dominated by $750 billion Tencent.
This comes as the SoftBank-backed group gears up for its blockbuster stock-market debut. Last month, ByteDance poached a top executive from handset-maker Xiaomi to be its chief financial officer. Despite geopolitical snags including Washington’s chaotic campaign to force a sale of TikTok’s U.S. business in 2020, ByteDance’s valuation has tripled in a year to a whopping $300 billion, based on stock options granted to employees, according to Reuters. For Zhang and his investors, that’s a tune they can dance to.
By Robyn Mak – Reuters