TikTok-owner ByteDance has established a factoring company in China’s southern island province of Hainan, as part of broader efforts by the tech giant to expand into other sectors.
Hainan ByteDance Commercial Factoring Co., Ltd. (海南字跳商业保理有限公司) was established on 12 January with registered capital of 30 million yuan (approx. USD$4.65 million), according to information from Tianyancha (天眼查).
The company’s legal representative is Li Ying (李英) and it is a fully invested subsidiary of ByteDance.
ByteDance Commercial Factoring’s business scope encompasses “financial consulting services, non-financial guarantee services, enterprise credit investigation and assessment, bankruptcy settlement services and enterprise credit rating operations.”