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more than 1.5 million registered content creators on the platform by the end of 2018 (QuestMobile, 2019). By December 2018, Xigua has a MAU of 121 million in China (QuestMobile, 2019). The company has been growing at a rapid speed. In 2017, the company reached its 15 billion CNY (2.1 billion US dollars) target with a slim profit (Dredge, 2019). In 2018, the company made a total revenue of 50 billion CNY (7.1 billion US dollars) – this was at the lower end of the company’s annual target, which is 50 to 55 billion CNY (L. Y. Chen & Wang, 2019). Note that the company made a 1.2 billion US dollars net loss on TikTok’s overseas expansion the same year, giving a profit margin of - 16.9% (Zhang & Osawa, 2019). 7 For 2019, ByteDance has set its revenue target to 100 billion CNY (14.3 billion US dollars), double the amount realized in 2018 (Xu, 2019). 1.2 Motivation The rapidly evolving industry accelerates all forms of related capital operations, for example, mergers and acquisitions (M&As) are carried out more frequently (Calipha, Tarba, & Brock, 2010; Holterman & van de Pol, 2016). Under the fast growing economy, it is ultimately important to choose an adequate valuation method in order to reach a fair valuation of the company. Approaches that are based on market, cost, and earnings are widely used. However, as most Internet technology firms are still at their early stage of development, their business model and characteristics of are fundamentally different from those of traditional industries. For instance, most have relatively high costs and unstable profitability, making the traditional valuation based on earnings less appropriate. 7 In this thesis, the foreign exchange rate for USD/CNY is assumed to be fixed at 7(1 USD = 7 CNY, 1 CNY = 0.14 USD), long-term, unless otherwise stated. - 12 -PDF Image | Analysis of ByteDance with a close look on Douyin TikTok
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