TikTok owner works with Chinese media outlet to register new blockchain, AI company

Asia • December 15, 2019, 4:26PM EST
UPDATED: December 15, 2019, 4:32PM EST
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TikTok owner ByteDance and Chinese media company Shanghai Dongfang Newspaper Co. have launched a new company to focus on developing blockchain, AI, and other business lines, according to data from Qichacha, a website that hosts business registration information. 

The new company, named Pengpai Audiovisual Technology Co., is said to provide services including blockchain technology development, AI public services, internet data services, AI application development, and others. However, it is unclear what kind of businesses the new company will do specifically. 

Formed on Dec. 10, the firm has a registered capital of 1o million yuan (around $1.4 million), 49% of which is controlled by ByteDance.  

Shanghai Dongfang Newspaper is the operator of The Paper.cn, a Chinese online news outlet. The firm is predominantly controlled by Shanghai United Media Group, which is backed by the Shanghai local government. 

Bloomberg first reported this news. 

AUTHOR

Celia Wan profile picture Celia Wan

Celia joined The Block as a reporter after earning her BA in the History of Science from the University of Chicago. Having spent years pondering over why 2+2 cannot equal 5, she is interested in the history and philosophy of mathematics, computation, and cryptography. She also had a very brief stint at Crunchbase News.

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