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ByteDance, the China-based owner of popular social media platform TikTok, had added Douyin to the names of its subsidiaries, including one based in Hong Kong, where the company reportedly considered floating part of its business before it be suspended due to Chinese regulations.

ByteDance adds Douyin to its subsidiaries

ByteDance Limited, established in 2012 under its Beijing-based parent company, was renamed Douyin Group Limited.

The change took effect on May 6, according to the company’s filing on Companies Regulatory Hong Kong. Douyin is the Chinese counterpart of TikTok.

As SCMP reported, some other entities under ByteDance have also been renamed, according to China’s National Business Credit Information Publicity System.

Beijing ByteDance Technology Limited, which was established in 2012, is now called Beijing Douyin Information Service Limited, while ByteDance Limited, which was founded in 2016, is now called Douyin Limited in early May according to Tianyancha.

Read also : Chinese video streaming platforms slash 20-40% of staff following large net losses

Jiemian reported the changes for the first time and renewed speculation that ByteDance is planning an initial public offering for Douyin, as the separation of Douyin’s China operations from TikTok’s overseas operations is seen as a prerequisite for the move. .

According to Reuters, the company was previously considering an initial public offering or IPO of Douyin in Hong Kong.

However, the IPO has been put on hold until the end of 2022, after China tightened its regulatory control over the tech industry and imposed strict cybersecurity for offshore listings.

In 2021, ByteDance denied having plans for an IPO and did not say whether it currently plans a public listing.

In April, the company appointed Julie Gao, a seasoned corporate lawyer, as chief financial officer. She has advised many Chinese technology companies on IPOs and other transactions.

In November 2021, ByteDance announced a reorganization that would see its algorithm-based operations split into six different business groups, with TikTok and Douyin being two different units, as the company navigates regulatory requirements in China and the United States.

Douyin, which has similar functionality to TikTok, is one of the most popular apps in China. The platform has over 600 million users and counting.

The app mainly competes with Kuaishou, a rival backed by Tencent Holdings. Still, recent expansion into the e-commerce space has put Douyin in direct competition with JD.com, Pinduoduo and the Post’s owner Alibaba Group Holding.

In September 2021, ByteDance restricted screen time for Douyin users under the age of 14.

In November 2021, ByteDance CEO Zhang Yiming stepped down as chairman.

ByteDance launches new music streaming service

ByteDance has launched a new music streaming service in China called Qishui Yinyue, according to Music Business Worldwide.

The company’s entry into China’s music streaming industry marks the arrival of a new challenger for music platforms operated by Tencent Holdings and NetEase.

The news follows reports from September 2021 that ByteDance was planning to launch a new music streaming service in China in 2021.

The music department was called Luna internally, but it was tentatively called Feilo. The team behind TikTok oversaw the creation of the app.

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This article belongs to Tech Times

Written by Sophie Webster

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