ByteDance

Short-video apps have never been so important for brands in the Chinese market.

Zhang became the chairman of ByteDance’s China business in March.

The app also has a local service function.

USD 100 billion investment vehicle turns net negative after WeWork and other woes.

Short-video apps have garnered over 821 million monthly active users as of June 2019.

Huawei’s Ren Zhengfei and Tencent’s Pony Ma took the second and third positions, respectively.

The new app goes head-to-head with Tencent-backed edtech startup Yuanfudao.

The Shenzhen-based internet giant has paid USD 262.6 million to take control of game livestreaming platform Huya.