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Setting out to prove itâs best placed to weather a storm of antitrust scrutiny.
By Bloomberg News
20 May 2021 09:40
Image: Qilai Shen/Bloomberg
Tencent is setting out to prove itâs best placed to weather a storm of antitrust scrutiny thatâs wiped about $200 billion off the value of Chinaâs largest company in a span of months.
Its results on Thursday should affirm the resilience of the worldâs largest game-publishing business as the pandemic recedes, now buttressed by growth in newer arenas such as fintech and the cloud. Yet itâs struggled to claw back the market capitalization itâs shed since its January peak, right around the time Beijing began a clampdown on Jack Maâs Alibaba Group Holding Ltd. and Ant Group Co. before moving on to rising star Meituan.
May 21 2021, 4:20 AM
May 19 2021, 9:30 PM
May 21 2021, 4:20 AM
(Bloomberg) Tencent Holdings Ltd. is setting out to prove itâs best placed to weather a storm of antitrust scrutiny thatâs wiped about $200 billion off the value of Chinaâs largest company in a span of months.
(Bloomberg) Tencent Holdings Ltd. is setting out to prove itâs best placed to weather a storm of antitrust scrutiny thatâs wiped about $200 billion off the value of Chinaâs largest company in a span of months.
Its results on Thursday should affirm the resilience of the worldâs largest game-publishing business as the pandemic recedes, now buttressed by growth in newer arenas such as fintech and the cloud. Yet itâs struggled to claw back the market capitalization itâs shed since its January peak, right around the time Beijing began a clampdown on Jack Maâs Alibaba Group Holding Ltd. and Ant Group Co. before moving on to rising star Meituan.
The 38-year-old AI coding genius, searching for ByteDance’s next big act, has set his sights on China’s $1.7 trillion e-commerce arena. The co-founder has hired thousands of staff and roped in big-name sponsors like Xiaomi Corp. impresario Lei Jun to drive what he calls his next “major breakthrough” into global business selling stuff to consumers via its addictive short videos and livestreams. That endeavor will test not just Zhang’s magic touch with app creation and ByteDance’s AI wizardry, but also investor reception ahead of one of the tech world’s most hotly anticipated IPOs.
His startup is already starting to make waves in an industry long controlled by Jack Ma’s Alibaba Group Holding Ltd. and JD.com Inc. It sold about $26 billion worth of make-up, clothing and other merchandise in 2020, achieving in its maiden year what Alibaba’s Taobao took six years to accomplish. It’s shooting for more than $185 billion by 2022. Douyin, TikTok’s Chinese twin, is ex
Zhang Yiming-ek ByteDance Ltd. it was built by the world’s most valuable private company through a chain of blockbuster apps like TikTok, which challenged Facebook and other actors on their field. His ultimate goal: Alibaba.
The 38-year-old AI coding genius, looking for ByteDance’s next big action, has put his focus on China’s $ 1.7 trillion in e-commerce. The co-founder has hired thousands of employees and Xiaomi Corp. he has roped in among the company’s big sponsors like entrepreneur Lei Jun in what he calls his next “major breakthrough” to focus on global business – selling things to consumers through his short videos and addictive fun. This effort will test not only Zhang’s magical touch, but also its application creation and ByteDance’s AI witchcraft, as well as one of the world’s most anticipated IPOs for reception technology.
ByteDance hires staff in thousands to challenge e-commerce giant Alibaba
The company sold about $26 billion worth of make-up, clothing and other merchandise in 2020
Zhang Yiming built ByteDance Ltdas world’s most valuable private company via a string of blockbuster apps like TikTok that challenged Facebook and other incumbents on their own turf. His latest target now is Alibaba.
The 38-year-old AI coding genius, searching for ByteDance’s next big act, has set his sights on China’s $1.7 trillion e-commerce arena. The co-founder has hired thousands of staff and roped in big-name sponsors like Xiaomi Corp. impresario Lei Jun to drive what he calls his next “major breakthrough” into global business selling stuff to consumers via its addictive short videos and livestreams. That endeavour will test not just Zhang’s magic touch with app creation and ByteDance’s AI wizardry, but also investor reception ahead of one of the tech world’s most hotly anticipated IPOs.