ByteDance has paid an undisclosed amount for a 22.2% stake in the social referencing portal, in a bid to further take on rival Baidu.

Digital media company ByteDance has bought a 22.2% stake in China-based information and social networking portal Baike.com for an undisclosed sum to become the company‚Äôs largest shareholder, KrAsia reported yesterday. Founded in 2005 and previously known as Hudong.com, Baike runs an online encyclopaedia and editorial blogging platform that includes certain elements of social networking such…

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