TSE – TikTok operator ByteDance prepares to make Japanese technology investments

ByteDance Ltd., the operator of the successful Chinese video-sharing app TikTok, has announced plans to invest in Japanese tech companies as part of the expansion efforts in the country.

The Chinese tech giant, which faces headwinds in the United States over fears it could pass the data it collects to the Chinese government, has announced plans to send members of its venture capital team soon. company work in its Tokyo office.

TikTok, which allows users to download short videos set to music, is a hit with young people and has seen dramatic growth during the coronavirus pandemic. It has some 800 million users worldwide.

ByteDance opened its office in Tokyo in 2017 and last year joined the Japan Business Federation known as Keidanren, the country’s most powerful business lobby.

He also became a member of Japan Electronics and Information Technology Industries Association, the industry body of technology companies, has paved the way for it to strengthen its ties with Japanese companies.

“We would like to actively engage in the Japanese market,” said a company official. The Beijing-based company has yet to invest in a Japanese company.

In 2020, the administration of former US President Donald Trump attempted to ban TikTok from US app stores citing national security concerns, but a Federal District Court ordered an injunction on the plan.

Some lawmakers in the ruling party in Japan have called for restricting the use of apps developed by Chinese companies due to security concerns, including alluding to TikTok.

Among other Chinese tech firms, a unit wholly owned by IT giant Tencent Holdings Ltd. last year acquired a 20% stake in Japanese online. game producer Marvelous Inc., listed on the First Section of the Tokyo Stock Exchange.

Via: english.kyodonews.net

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