TikTok owner ByteDance to invest in education technology business
Live MintBEIJING/SHANGHAI :A senior executive at TikTok owner ByteDance said the company plans to invest "a huge amount" of capital into its newly-established education technology business but warned that the unit will be unlikely to profit in the next three years. Beijing-based ByteDance has made education technology one of its top priorities alongside short video app TikTok, which is facing scrutiny in Washington over suspicions China could force the company to turn over user data. Chen Lin, senior vice president at ByteDance, said in an internal speech that the company entered the education technology sector in 2016 via investments and trying out various projects, according to a transcript published by the company on social media. The company is a late entrant to China's education technology market, as industry leader Yuanfudao was founded in 2012 and rival Zuoyebang started up in 2013.