The digital media group has restructured its corporate venturing activities on the same day as China revealed proposals which would place investments under greater scrutiny.
ByteDance, the China-headquartered owner of short-form video app TikTok, has closed its corporate venturing unit, according to media reports from a variety of news outlets today.
News of the move comes on the same day as sources familiar with the matter told Reuters the Chinese government has drafted proposals requiring large internet companies to explicitly seek regulatory approval for any investments.
Founded in 2012, ByteDance has built an offering that includes online properties TikTok (known as Douyin in China), news…
