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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Tencent Holdings Limited    700   KYG875721634

TENCENT HOLDINGS LIMITED

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TikTok owner ByteDance launches education technology brand Dali for China

10/29/2020 | 07:05am EST
FILE PHOTO: The logo of Bytedance, which owns short video app TikTok, is seen at its office in Beijing

BEIJING (Reuters) - Beijing-based ByteDance announced a standalone education technology (edtech) brand Dali for the Chinese market on Thursday, becoming another major tech player looking to capitalise on the sector's boom driven by the COVID-19 pandemic.

Dali, meaning "forceful strength" in Chinese, will host all the education business of ByteDance and already has 10,000 employees, Dali Chief Executive Chen Lin told a press conference in Beijing.

ByteDance founder and chief executive Zhang Yiming said in a statement: "We started to develop interests in the education industry very early on. The brand independence of Dali Education is just the beginning of a long journey."

Demand for education technology grew during the coronavirus pandemic as widespread lockdowns in China and school closures forced students to take online classes from home for many months.

ByteDance entered into the education sector in 2016 by investing in edtech startups and also developing education products on its own. The company operates a number of education-related apps, from English tutoring to live courses.

On Thursday it also launched a product with an artificial intelligence-based camera that can help parents tutor their kids. Priced between 799 yuan ($119) and 1,099 yuan, it is currently only available in China.

ByteDance has made education technology one of its top priorities this year alongside short video app TikTok, which is facing pressure to be divested from its owner amid Washington's concerns that Beijing could force the company to turn over user data.

Eight-year-old ByteDance's revenue mainly comes from its Chinese short video app Douyin and news aggregator Jinri Toutiao. Chen said in July that the education business won't look to become profitable for three years.

The company is a late entrant to China's online education market, as industry leader Yuanfudao was founded in 2012 and Baidu-backed [BIDU.O] Zuoyebang started up in 2013. Yuanfudao completed three rounds of financing this year, with social media and gaming giant Tencent [0700.HK] leading in two rounds, bringing Yuanfudao's valuation to $15.5 billion.

($1 = 6.7029 Chinese yuan renminbi)

(Reporting by Yingzhi Yang in Beijing and Brenda Goh in Shanghai; Editing by David Holmes)

By Yingzhi Yang and Brenda Goh


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BAIDU, INC. 2.45% 143.7 Delayed Quote.13.69%
TENCENT HOLDINGS LIMITED -0.69% 574 End-of-day quote.52.82%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.09% 6.5461 Delayed Quote.-5.89%
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Financials
Sales 2020 481 B 73 306 M 73 306 M
Net income 2020 128 B 19 522 M 19 522 M
Net cash 2020 71 088 M 10 841 M 10 841 M
P/E ratio 2020 36,7x
Yield 2020 0,28%
Capitalization 4 623 B 704 B 705 B
EV / Sales 2020 9,47x
EV / Sales 2021 7,52x
Nbr of Employees 77 592
Free-Float 60,4%
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Mean consensus BUY
Number of Analysts 50
Average target price 577,06 CNY
Last Close Price 485,91 CNY
Spread / Highest target 47,7%
Spread / Average Target 18,8%
Spread / Lowest Target -27,3%
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Managers
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Yu Xin Ren COO & President-Interactive Entertainment Group
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
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