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China tech

TikTok owner ByteDance to disband strategic investment team

Moves comes as Beijing heightens scrutiny of deal-making by top tech groups

The 100 or so members of ByteDance's investment team have three months to find new roles in the group.

HONG KONG -- ByteDance, owner of TikTok and Chinese sister app Douyin, is disbanding its strategic investments team amid heightened scrutiny in Beijing of deal-making by the country's major internet groups.

A senior executive told Nikkei Asia that ByteDance does not intend to halt investments in other companies, but will instead handle them through its existing divisions and concentrate  on deals related to its current business focuses.

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