China’s Bytedance acquires Mokun to tap into gaming industry

The logo for Beijing ByteDance Technology Co.'s Jinri Toutiao mobile app is displayed at the company's headquarters in Beijing, China, on Thursday, Aug. 17, 2017. Photographer: Giulia Marchi/Bloomberg

Bytedance, the owner of popular teen video app Douyin, has bought out China’s mobile game developer Mokun Technology as it aims to grow further in the gaming industry, according to a South China Morning Post report.

Established in 2013 by Shenzhen-based game developer 37 Interactive Entertainment, Mokun Technology is specialised in the development of internet boutique game products. It developed Three Kingdoms Game, distributed by Bytedance’s short video rival Tencent Holdings, and Fighter of the Destiny, which gained almost 200 million yuan in the first month after it was launched.

After being acquired, it is now wholly-owned by Bytedance’s subsidiary Beijing Zhaoxi Guangnian Technology. The report cited that Zhang Lidong, a senior vice-president and legal representative at Bytedance, has been appointed as executive chairman at Mokun Technology.

Prior to this deal, Bytedance’s Douyin launched its first in-app game, Music Jumping Ball. Meanwhile, Bytedance was ordered to pay $5.7 million last month to settle claims by the US government that it gathered personal information from children illegally.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.