Analysis of ByteDance with a close look on Douyin TikTok

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Cauwels, P., & Sornette, D. (2012) Quis pendit ipsa pretia: facebook valuation and diagnostic of a bubble based on nonlinear demographic dynamics. Journal ofPortfolio Management, 38(2), 56-66. Chen, L. Y., & Wang, S. (2019). ByteDance Hits Lower-End of Sales Goal Amid Slowdown. Retrieved from https://www.bloomberg.com/news/articles/2019-01-15/ByteDance-is-said- to-hit-lower-end-of-sales-goal-amid-slowdown on April 25th, 2019 Chen, T. (2017). Toutiao: a rising $30 billion USD Chinese tech giant. Retrieved from https://walkthechat.com/toutiao-rising-chinese-tech-giant/ on March 20th, 2019 Chiang, H. Sen, & Hsiao, K. L. (2015). YouTube stickiness: the needs, personal, and environmental perspective. Internet Research, 25(1), 85-106. Cuffe, J. C., Narayan, A., Narayanan, C., Wadhar, H., & Wang, J. (2018). Engagement Drives Stickiness Drives Retention Drives Growth. Retrieved from https://medium.com/swlh/engagement-drives-stickiness-drives-retention-drives-growth- 3a6ac53a7a00 on April 10th, 2019 Damodaran, A. (2019a). Valuation : Lecture Note Packet 1 Intrinsic Valuation. Retrieved from http://people.stern.nyu.edu/adamodar/pdfiles/eqnotes/packet1pg2.pdf on April 5th, 2019 Damodaran, A. (2019b). Valuation Packet 2: Relative Valutation, Asset-based Valuation, and Private Company Valuation. Retrieved on http://people.stern.nyu.edu/adamodar/pdfiles/eqnotes/packet2.pdf on April 5th, 2019 Dannible & McKee LLP. (2019). 3 Approaches to Valuing a Business. Retrieved from https://www.dmcpas.com/article/3-approaches-to-valuing-a-business/ on April, 2019 Demers, E. A., & Lev, B. (2000). A Rude Awakening: Internet Shakeout in 2000. EFA 0660; EFMA 2000 Athens Meetings; Simon Business School Working Paper No. FR 00-13. Dredge, S. (2019). Report: TikTok’s parent company lost $1.2bn in 2018. Retrieved from https://musically.com/2019/03/07/report-tiktoks-parent-company-lost-1-2bn-in-2018/ on May 17th, 2019 Essence Securities. (2018). Analysis of the use of valuation methods in Internet companies. Retrieved from http://pfile.essence.com.cn/data/00/1A/CgcKWFrOD5SADYzaABwQxgcxaE8723.pdf on May 5th, 2019 Facebook Inc. (2019). 2018 Annual Report. Retrieved from https://s21.q4cdn.com/399680738/files/doc_financials/2018/Q4/Q4-2018-Earnings- Release.pdf on May 20th, 2019 - 63 -

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