Headlines from China: TikTok Deal is About to Close, ByteDance Plans US IPO For TikTok Global

TikTok Deal is About to Close, ByteDance Plans US IPO For TikTok Global

The Beijing-based Internet giant Bytedance, is planning to list TikTok Global—the joint venture set up in the latest TikTok deal, in U.S. stock market should its proposed deal be cleared by the U.S. government. Although the deal has yet to be finalized, under the current proposal, TikTok Global will have a majority of American directors, a US chief executive, and a security expert on the board. According to ByteDance, both Oracle and Walmart will take part in a TikTok Global pre-IPO financing round in which they can take up to a 20 percent cumulative stake in the new company. Read more tradesmax

iQIYI is About to Launch China’s First Virtual Idol Variety Show Without Any Human Needed

Chinese streaming giant iQiyi is launching a first-ever virtual idol variety show titled “Dimension Nova”, featuring Chinese star Angelababy, singer Wang Linkai and Esther Yu from girl band THE9 as mentors. According to the company’s press release, the new show will feature “more than 30 virtual competitors [navigating] a series of competitions and challenges to select the final winner.” Following in the virtual footsteps of pioneers such as Hatsune Miku, digital influencers and computer-generated pop stars have been growing in popularity in China in recent years. “Dimension Nova” is iQiyi’s first foray into a new genre of variety show. Read more iqiyi7