News Snapshot:
By the time Chinese video game maker Mooton Holdings was acquired by ByteDance in March, the Shanghai-based developer had seen its valuation septuple to US$4 billion, from US$551 four months prior, but it had less to do with the merits of the games it produces than being dragged into the ongoing rivalry between the TikTok owner and Tencent Holdings . Moonton is the latest example of an independent Chinese gaming studio whose valuation has skyrocketed on the back of a bitter bidding war between two of China’s biggest internet companies. Beijing-based ByteDance has been aggressively moving into gaming in a...
