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SoftBank's US$100B Vision Fund invests in ByteDance

SoftBank Group Corp. has made an undisclosed investment in Beijing Byte Dance Telecommunications Co. Ltd. through its investment arm, SoftBank Vision Fund, The Nikkei reported Nov. 6.

The China-based company, which is known for its video-sharing app TikTok and Douyin, received the investment from the group's Vision Fund on an unspecified date.

SoftBank Group confirmed the investment, but declined to provide further detail.

Recently, ByteDance reportedly closed a pre-IPO financing round that raised between US$3 billion and US$4 billion. The round valued the developer of Chinese news aggregation app Toutiao at US$75 billion.

Meanwhile, Vision Fund is increasingly focusing on Asia as it seeks to expand its global portfolio despite the bulk of its investments being in U.S. and Canadian companies. The Japanese conglomerate has invested in 67 companies, including Chinese digital insurer ZhongAn Online P & C Insurance Co. Ltd.