Zhangyue Technology: ByteDance Injects USD 1 Billion in Online Publisher Zhangyue, Main Rival of Tencent's China Literature

TikTok owner ByteDance has invested RMB 1.1 billion (USD 165.58 million) in online reading firm Zhangyue Technology (SH:603533), or iReader Technology, in exchange for an 11.23% stake in the latter, eyeing a stronger tie-up with the original content developer, according to Zhangyue’s filing with the Shanghai Stock Exchange on Wednesday. The online literature arena, where Tencent-controlled China Literature (HKG: 0772) is a leading player, has recently seen a big push from ByteDance.