Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., speaks during a news conference in Tokyo, Japan, on Monday, Aug. 6, 2018. SoftBank's first-quarter profit climbed 49 percent from a year earlier, thanks to investment gains. Photographer: Kiyoshi Ota/Bloomberg
Masayoshi Son, chairman and chief executive officer of SoftBank, speaks during a news conference in Tokyo, Japan. Softbank is targeting a $1.5 billion investment into Chinese internet player BytedanceShow more

Mega deal may make Chinese internet company the world’s biggest startup

SoftBank Group, KKR & Co and General Atlantic plan to make a giant investment in fast-rising Chinese internet player Bytedance, according to sources a deal that could make it the world’s biggest startup.

The latest round may value Beijing Bytedance Technology, parent of news aggregator Toutiao and video sensation Tik Tok, at around $75 billion (Dh275.4bn) before investment, said the people, who requested not to be named because the matter is private. SoftBank is initially targeting an investment of about $1.5bn though it’s unclear how big its final check will be, the people said. While KKR and General Atlantic have led discussions, the people added, SoftBank could play a much bigger role if its investment approaches the outsized amounts it’s known for.

Six-year-old Bytedance, which was said to be seeking around $3bn in the current round, started out by using artificial intelligence to personalize content for users but has successfully branched out into short-video via a service called Douyin, known as Tik Tok abroad. That service had 500 million monthly active users as of July. It also owns the app, which has about 100m users and is being merged with Tik Tok, the company said in August.

The current deal is still in discussions and terms could change, the people said. Representatives for Bytedance and SoftBank declined to comment. General Atlantic had no immediate comment, while KKR didn’t respond to an emailed query. The Information first reported that the Chinese company was in talks with SoftBank and KKR about a deal.


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Bytedance is among the largest of a new generation of Chinese internet giants challenging the longstanding dominance of Tencent and Alibaba Group. Unlike peers such as Didi or Meituan, it’s grown without the backing of either Tencent or Alibaba into one of the country’s most popular online services.

At $75bn, Bytedance would just eclipse Uber, valued at $72bn according to CB Insights data. It would also surpass ride-hailing rival Didi Chuxing’s $56bn. Closely held Ant Financial, an affiliate of Alibaba’s, is said to be valued at $150bn but CB Insights doesn’t count them as privately backed.

The funding round comes despite Chinese content providers facing one of the harshest internet crackdowns in the country’s history and a funding squeeze that’s pinched smaller startups. Bytedance, like many of its competitors, has seen several apps either temporarily pulled from Chinese app stores or shut entirely on the orders of regulators over allegedly inappropriate content.

SoftBank’s arrival could mark a new chapter for the Chinese firm. Founder Masayoshi Son is known for taking an active hand in developing companies in his portfolio, which include Uber and WeWork through its Vision Fund.

Notable cricketers and political careers
  • India: Kirti Azad, Navjot Sidhu and Gautam Gambhir (rumoured)
  • Pakistan: Imran Khan and Shahid Afridi (rumoured)
  • Sri Lanka: Arjuna Ranatunga, Sanath Jayasuriya, Tillakaratne Dilshan (rumoured)
  • Bangladesh (Mashrafe Mortaza)

1 Sam Bennett (IRL) Deceuninck-QuickStep - 4:51:51

2 David Dekker (NED) Team Jumbo-Visma

3 Caleb Ewan (AUS) Lotto Soudal 

4 Elia Viviani (ITA) Cofidis

5 Matteo Moschetti (ITA) Trek-Segafredo

General Classification

1 Tadej Pogacar (SLO) UAE Team Emirates - 12:50:21

2 Adam Yates (GBR) Teamn Ineos Grenadiers - 0:00:43

3 Joao Almeida (POR) Deceuninck-QuickStep - 0:01:03

4 Chris Harper (AUS) Jumbo-Visma - 0:01:43

5 Neilson Powless (USA) EF Education-Nippo - 0:01:45


19 grand slam singles titles
Wimbledon: 5 (2011, 14, 15, 18, 19)
French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
Prize money: $150m

20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m

20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m