The proprietor of TikTok ByteDance Inc. began a cooperative enterprise with a state-owned Chinese media organization to expand market involvements, including AI and blockchain.
According to an official business registration platform, the new firm is divided into two parts: 49% of it belongs to the ByteDance, which has invested 10 million yuan ($1.4 million), and Shanghai Dongfang Newspaper Co. owns 51%.
Shanghai Dongfang Newspaper is the supervisor of a successful digital news outlet - The Paper.cn.
The shared venture began on Dec. 10 in Jinan city, the capital of eastern China’s Shandong province.
Representatives of both companies didn't comment on the news.