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.