CHINA-ECONOMY: TECHNOLOGY COMPANIES
In the week prior to November10, 2017, there were a few major deals. These included:
i) Beijing Bytedance Technology, operator of personalized news service Toutiao, is paying nearly $1 billion to buy Musical.ly, the Shanghai-based company behind the tween and teen focused app Music.ly, Bloomberg reports.
ii) Search engine Sogou "Search Dog" went public in New York on Thursday, raising $585 million at a $5 billion valuation, per WSJ.
iii) Tencent listed its online literature site China Literature in Hong Kong. At the end of the first day of trading China Literature was worth $12 billion, per South China Morning Post.
iv) Tencent now owns a 10% stake in Snapchat, per an SEC filing this week.
The total market capitalization of all the Chinese internet firms is well over $1 trillion, with two companies — Tencent and Alibaba — valued at around $470 billion each.
|