Chinese Internet firm ByteDance, owner of Toutiao, a popular machine learning-enabled content platform, is quietly expanding its portfolio to e-commerce, finance and social media, The Paper said.
In finance, ByteDance was found to have acquired an insurance company, Beijing Huaxia Insurance Brokers, and a consulting firm, Beijing Jinmeilin Investment Consulting Co. Ltd.
The company is also likely to enter the instalment loan business, as it is applying for three related trademarks.
While in e-commerce, its affiliate Toutiao has launched an e-commerce channel on its content platform as well as an independent app.
It is also reported the company is about to launch a social media product called “Fly Chat.”