TikTok-owner ByteDance is on track to generate at least 180 billion yuan ($27.2 billion) (20.5 billion pounds) in advertising revenue in China this year, which will cement its no. 2 spot in China's digital ad market.
The government’s Ministry of Electronics and IT announced that it has banned 59 Chinese mobile apps in India including shopping apps for clothing stores Shein, Romwe, and Club Factory, citing a security threat.
Beijing-based ByteDance, the privately owned operator of short video app TikTok, booked around 40 billion yuan (£4.4 billion) in revenue for the January-March quarter, said two people with knowledge of the matter.
Alibaba Group Holding Ltd said it will invest 200 billion yuan ($28 billion) in its cloud infrastructure over three years, following a boom in demand for business software as the coronavirus outbreak peaked in China.
China’s Alibaba lowered its full-year sales forecast on Friday due to concerns about the economic impact of a U.S.-China trade spat, which the company expects will dent revenue ahead of its top sale season.