Beijing ByteDance Telecommunications Co. Ltd. has acquired a 22.2% stake in online encyclopedia Baike.com, KrASIA reported, citing corporate registry records.
The transaction makes ByteDance a majority shareholder of Baike.com. The financial details of the acquisition were not disclosed.
Baike.com, established in 2015 in Beijing, is a rival to Baidu Inc.'s Baidu Baike. The two companies have also been locked in a regulatory and legal feud, the report said.