Bytedance, the parent company of popular Chinese news app Toutiao, is negotiating a new funding round that could reach $1 billion and value the business at $10 billion, per The Wall Street Journal. Toutiao, an aggregator of news and provider of intelligent reading recommendations, currently boasts north of 450 million registered users, more than 45 million of whom use the app each day.
If all works out for Bytedance, it would be just the latest in a line of recent mega-fundings for startups in China. Since the start of this year, six other Chinese companies raised rounds exceeding $1 billion, according to the PitchBook Platform. Two notable examples: Ant Financial’s $4.5 billion financing in April at a staggering $60 billion valuation and the $7.3 billion funding of Didi Chuxing in June, which included a $1 billion investment from Apple.
PitchBook Platform users can check out more data behind venture investment in Chinese companies.