ByteDance, the China-based owner of the famous social media platform TikTok, had added Douyin to its subsidiaries' names, including one based in Hong Kong, where the company was reportedly considering floating part of its business before it was put on hold due to China's regulations.
ByteDance Adds Douyin to Subsidiaries
ByteDance Limited established back in 2012 under its parent company based in Beijing, was renamed Douyin Group Limited.
The change took effect on May 6, according to the company's information on the Companies Regulatory of Hong Kong. Douyin is the Chinese counterpart of TikTok.
As reported by SCMP, some other entities under ByteDance have also been renamed, according to China's National Enterprise 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 earlier this May according to Tianyancha.
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Jiemian first reported the changes, and it has renewed the speculation that ByteDance is planning an initial public offering for Douyin, as separating Douyin's operation in China from the overseas business of TikTok is seen as a precondition for the move.
The company was previously said to be mulling an initial public offering or IPO of Douyin in Hong Kong, according to Reuters.
However, the IPO was put on hold until late 2022, after China tightened its regulatory scrutiny on the tech industry and imposed strict cybersecurity for offshore listings.
In 2021, ByteDance denied that it had any IPO plans, and it did not comment on whether it is currently planning a public listing.
In April, the company appointed veteran corporate lawyer Julie Gao as its chief financial officer. She has advised a lot of Chinese technology companies on public listings and other transactions.
In November 2021, ByteDance announced a reorganization that would see its algorithm-driven operations divided into six different business groups, with TikTok and Douyin being two different units, as the company navigates the regulatory demands in China and the United States.
Douyin, which has similar features to TikTok, is one of the most popular apps in China. The platform has more than 600 million users and counting.
The app competes mainly with Kuaishou, a rival backed by Tencent Holdings. Still, the recent expansion into the e-commerce sector has put Douyin in direct competition against JD.com, Pinduoduo, and Alibaba Group Holding, owner of the Post.
In September 2021, ByteDance limited the screen time for Douyin users under 14 years old.
In November 2021, ByteDance CEO Zhang Yiming stepped down as the 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 entrance into the music streaming industry in China marks the arrival of a new challenger to music platforms run 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 service was called Luna internally, but it was provisionally named Feilo. The team behind TikTok was overseeing the creation of the app.
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Written by Sophie Webster
