Zhangyue operates a popular e-reading app where users read novels, magazines and anime and listen to audiobooks. The company reported about 170 million monthly users during H1 and has a market capitalization of roughly 12 billion yuan. ByteDance’s wholly‑owned subsidiary will acquire about 11% of Zhangyue for 1.1 billion yuan (~$170M), creating a strategic alliance. Under the agreement ByteDance can assign one board member and license Zhangyue’s intellectual property. Zhangyue will receive ByteDance support in areas including ad buying, monetization and other technologies. The partners expect 470 million yuan of transactions between them in the following year, up from 270 million yuan the year before the equity acquisition; the deal positions Zhangyue to tap China’s growing online reading market.

Total raised

$165M

Funding rounds

1

Latest round

Equity

Latest activity

Nov 2020