ByteDance organizes a new strategic investment team panic

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What a roller coaster day for the Chinese tech industry, TikTok parent company ByteDance has dissolved its strategic investment team. Send worrying messages to other internet giants. that seriously expands the business by investing in other companies

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Earlier this year, ByteDance reviewed its "business needs" and decided to "Reduce investments in areas that are not focused on core businesses," a company spokesperson said in a statement.ByteDance doesn't stop outside investing entirely. The investment team will be "restructuring" and "merging various business groups to support the growth" of the business instead

in other words Some members of the Strategic Investment Team With 169 supporting companies, according to China's initial database IT Juzi (some agreements may not be publicly available), it will be assigned new roles in other business divisions. and continue to invest there

"Restructuring" continues to cause panic in the industry. China's cyberspace regulator has drafted new guidelines that require it. "Internet networks" for approval before proceeding with any investment or funding, Reuters reported, citing sources. Some Chinese media have reported similar draft rules.