ByteDance is making more and more aggressive moves this quarter. The company behind TikTok has jut injects $182 million on a China-based online sport community platform. Hupu is sending off 30% of its stake to the Chinese tech giant.
Started off in Chicago, Hupu was initially only a basketball forum back in 2004. Now, it is one of the leading sport-related content and business platform with more than 30 million users. The injection from ByteDance got Hupu valued at $1.1 billion.
Hupu has long been working on going public. It first submit its portfolio for IPO in 2015. But the market regulator rejected it at 2017. This year, it made another attempt on the IPO, submitting it in Shanghai at March. And it is still waiting for any answer from the market regulator.
No, it’s not the first for ByteDance
The sport platform is not the only one in ByteDance. Its’ Xigue Video and Huoshan Live-streaming platforms have overlapping market with Hupu. Previously, it has also signed a multi-year partnership with National Basketball Association (NBA).
The partnership with NBA makes NBA contents available in ByteDance’s platforms. The platforms including TikTok, Douyin, Jinri Toutiao and Xigua Video.
This is not the first move that the company made this year. Previously, it announced the development of its own music streaming platform. The platform is set to defeat other competitors such as Spotify and Apple Music
The music streaming platform is set to launch this fall. It is going to be a separate app to ByteDance’s other apps such as TikTok.
Amongst the ongoing war between America and China that caused a buzz, ByteDance is developing its own smartphone. But there is still no spoiler on the smartphone design as well as the target market.
As one of the biggest tech giant in China, it is no surprise that ByteDance is making its own smartphone. It even gets a step ahead of other companies with its well-known apps.
