Tencent

Bytedance, the Chinese company that makes the news aggregator app Toutiao, is acquiring Musical.ly close to $1B. Based in Shanghai, Musical.ly allows more than 60M teen users to create and share music videos.

Eight Roads Ventures, one of the investment arms of Fidelity, has launched a dedicated fund to invest in healthcare, life sciences, and medical devices companies in China. (link)

The Chinese government will begin regulating mobile payment platforms given the transaction volume of non-banking payments has risen to $16 trillion in 2016. This has a number of implications including sharing of data by Alipay and Tencent with the Chinese government.

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Movers and Shakers

Baidu’s Wang Jing is leaving to start his own self-driving vehicle startup