ByteDance, currently considered the world’s most valuable startup, has invested in another game publisher, a sign of its ambition in the gaming industry, corporate registration information on qichacha.com shows.
The investment gives a ByteDance subsidiary a 45.19% stake in Shanghe Internet Technology (Shanghai), the game studio behind mobile games including one that ties in with the popular Chinese TV drama Ruyi’s Royal Love in the Palace.
ByteDance, which is pressured to achieve its ambitious RMB 100 billion (US$14.8 billion) revenue target this year, declined to comment when contacted by KrAsia on Monday.
Shenzhen Stock Exchange, which is where 37 Interactive is listed, gave the game studio until Wednesday to provide details of the deal.
Editor: Nadine Freischlad