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Bien Perez

ByteDance gets busy on IPO, search
For a long time, China’s internet sector has been dominated by the triumvirate known as BAT – referring to online search kingpin Baidu, e-commerce leader Alibaba Group Holding, and video games and social media giant Tencent Holdings.
In the past few years, however, another company has emerged in a position to take over the spot held by Baidu in that elite group, tech unicorn ByteDance. The Beijing-based start-up has rapidly grown on the back of its three most popular products – news aggregator Toutiao, Chinese short video-sharing app Douyin and sister platform TikTok, which has become a worldwide hit.
ByteDance may be moving closer to a BAT peerage through its latest initiative. The company plans to raise capital in the US through an initial public offering of Douyin in New York, according to an exclusive South China Morning Post report that cited a source familiar with the plan.
While the proposed IPO remains in preliminary discussion, it has gained traction with ByteDance’s investors because of the new administration in Washington, led by US President Joe Biden, the source said. The company, founded in 2012, counts some of the world’s biggest venture capital funds as investors, including Tiger Global Management, KKR & Co, SoftBank Vision Fund, General Atlantic, Sequoia Capital China and Yunfeng Fund.

Investors’ appetite for Chinese technology stocks remains strong in the US, encouraged by signs that the world’s second-largest economy is mostly back to pre-pandemic levels of production.
Douyin, which had more than 600 million daily active users as of August last year, is already poised for further expansion based on its latest moves.
ByteDance chief executive Zhang Nan, who also heads Douyin, revealed plans on Wednesday to increase investment in the app’s search capabilities to enable users to navigate through a rising sea of short videos, an initiative that could change the way internet users find information online and rival advances made by Google over the years.
Zhang indicated that the platform’s search feature already has 550 million monthly active users. The hope is that Douyin could become an “encyclopaedia of human civilisation”, so that video search would be how people increasingly look for answers and gain new knowledge, she said.
That new strategy comes weeks after Douyin introduced its own mobile payment service, bringing a major challenger in a market long dominated by Ant Group’s Alipay and Tencent’s WeChat Pay. Ant is an affiliate of Alibaba, the parent company of the Post.
ByteDance kicks off its payment service with cash giveaways during world’s most-watched TV show
Baidu sharpens focus on smart cars
Chinese internet search giant Baidu has become the latest company to throw its hat in the ring of the fast-developing smart car market.
“We will try to beat the market to launch this new car as soon as we can,” said Robin Li Yanhong, co-founder and chief executive of Baidu, during a conference call with analysts on Thursday, after the company announced its latest quarterly financial results.
The new vehicle will be produced under a joint venture between Baidu and carmaker Zhejiang Geely Holding Group in about three years. Li indicated that the company envisioned an “intelligent” vehicle with autonomous driving technology and better in-car entertainment services.


The focus on smart cars intensifies Baidu’s push to monetise the autonomous driving system that it has been developing for years under its self-driving vehicle unit Apollo.
The joint venture with privately held Geely, which acquired Volvo Cars in 2010, comes about 17 months after Li called on all Baidu employees to make bold moves for the company to “get back on top”, as it navigates changes in the internet industry and competition with the likes of ByteDance.
Baidu on Thursday reported 30.3 billion yuan (US$4.6 billion) in revenue for the three months ended December, up 5 per cent from a year earlier, after the company lured users and advertisers back to its core search business.
Baidu revenue beats estimates as core search business recovers
Flying taxi maker EHang hits turbulence
Drone maker EHang Holdings’ plan to launch a fleet of autonomous flying taxis across China and other markets around the world is facing turbulence, following fraud allegations levelled against it by activist short seller Wolfpack Research.
EHang, which describes itself as the world’s first maker of passenger-grade, electric autonomous aerial vehicles, denied the accusations contained in a 33-page Wolfpack report published on Tuesday.
The Guangzhou-based company said in a statement that the report was “deceptive” and contained “numerous errors, unsubstantiated statements and misinterpretation of information”, without elaborating.

The Wolfpack report described EHang as “an elaborate stock promotion, built on largely fabricated revenues based on sham sales contracts with a customer who appears to us to be more interested in helping inflate the value of its investment” in the company.
In a separate statement on Tuesday, Boston-based securities litigation firm Block & Leviton said that it is investigating EHang for potential violations of federal securities laws.
TikTok sister app Douyin to boost investment in search service ByteDance in early talks to list Douyin in New York, source saysEstablished in 2014 by Chinese engineer Hu Huazhi with backing from GGV Capital, EHang is one of several companies around the world that have set out to make flying taxis a reality. Its competitors include CityAirbus, Toyota Motor Corp’s SkyDrive and Tencent-backed Lilium.


China’s widebody C929 ambitions could be lifted by US, European plane-part giants

Xiaomi CEO Lei Jun marks roll-out of 100,000th EV by paying homage to Tesla’s Elon Musk

BYD to sell Sealion SUV in Europe from 2025 in sign extra tariffs are ‘no big deal’

Tencent beats estimates with 47% profit jump, driven by video gaming

China technology

Inside China Tech: ByteDance, Baidu plot next moves as Ehang encounters turbulence

Beijing-based tech unicorn ByteDance is in early discussions for the potential listing of Douyin, sister of app of short video-sharing platform TikTok, in New York. Photo: Reuters

Hu Huazhi, EHANG Founder & CEO, took manned flight on EHANG 184 AAV

A smartphone shows living streaming of Douyin, also know as TikTok overseas, in Beijing on Mar. 22, 2019. 22MAR19 SCMP/Simon Song

TikTok sister app Douyin to deepen search capabilities, become ‘Google of short video’

Short video-sharing app operator Douyin has ambitious plans for its search service. Photo: Weibo

A promotional video for Douyin's search feature suggests that people can search for recipes on the short video app. Picture: Douyin

Chinese search giant Baidu doubles down on smart cars as revenue stalls

A Geely SUV is seen displayed at the Shanghai auto show in Shanghai, China on April 17, 2019. Photo: Reuters

Baidu co-founder and CEO Robin Li attends Baidu Create 2019 in Beijing on July 3, 2019. (Photo by WANG ZHAO / AFP)

Chinese flying taxi maker EHang denies short seller’s fraud claims after US shares plunge 63 per cent

A flying taxi from EHang Holdings takes a short flight during a press preview at Generali Arena in Vienna, Austria. Photo: Agence France-Presse

A passenger sits inside an autonomous aerial vehicle made by EHang Holdings during a test flight in Guangzhou, Guangdong province, on February 6, 2018. Photo: Reuters

Tech

Big Tech

Business

China Business


ByteDance plans New York listing of short video app Douyin, as Baidu doubles down on smart car initiative
Ehang denies fraud allegations levelled against it by activist short seller Wolfpack Research



This week’s highlights include ByteDance-owned Douyin’s plan to raise funds in the US, Baidu’s focus on smart cars and fraud claims against flying taxi maker EHang.


Inside China Tech: ByteDance, Baidu plot next moves as Ehang encounters turbulence

ByteDance plans New York listing of short video app Douyin, as Baidu doubles down on smart car initiative Ehang denies fraud allegations levelled against it by activist short seller Wolfpack Research

ByteDance plans New York listing of short video app Douyin, as Baidu doubles down on smart car initiative

Ehang denies fraud allegations levelled against it by activist short seller Wolfpack Research