China's ByteDance says has reorganised strategic investment team

ByteDance, the owner of short video app TikTok, said on Wednesday that it had decided to disband its strategic investment team and send employees to various business lines after a business analysis.

The Chinese company was responding to local media reports on Wednesday which said it had dissolved its strategic investment team. The company said it had made the decision after conducting a business analysis and had decided to reduce investments with "low synergies".