ByteDance denies becoming a new shareholder of Zhongtong Express: made a small investment in 2021, with a very low stake.

On November 11th, a person in charge of ByteDance told reporters that the news of "ByteDance becoming a new shareholder of Zhongtong Express" is false information. Earlier market reports indicated that Zhongtong Supply Chain Management Co., Ltd. completed business changes, with registered capital increasing from 420 million yuan to about 600 million yuan. The reports also stated that this capital increase brought in several strategic investors including Bytedance Pte.Ltd. and TAOBAO CHINA HOLDING LIMITED. The ByteDance representative responded that ByteDance had made a small investment in Zhongtong Express as early as the end of 2021, with a very low ownership percentage. The recent business registration changes should be an internal restructuring of Zhongtong Express, and there is no truth to the claim that ByteDance has become a new shareholder.