A ByteDance subsidiary has become the third-largest shareholder of Beijing Dingtian Culture Entertainment, which runs multiple online reading platforms. The e-book sector is dominated by China Literature, backed by ByteDance rival Tencent Holdings. — SCMP
TikTok owner ByteDance has taken a stake in a company that runs multiple online reading platforms, bringing it up against rival Tencent Holdings in yet another arena.
Changes to Beijing Dingtian Culture Entertainment’s company registry records last week showed that a ByteDance subsidiary had taken a stake of about 10%, becoming the literature-focused company’s third-largest shareholder.
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