|Bid||4.1200 x 1400|
|Ask||4.1800 x 1100|
|Day's range||4.1000 - 4.2000|
|52-week range||2.5600 - 18.0000|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Earnings date||02 Dec 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||3.69|
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The race to give Chinese users their daily dose of news intensifies as Qutoutiao, a rival to TikTok parent ByteDance, net an installment of sizable backing. Alibaba is injecting $171 million in a convertible loan to Qutoutiao, the three-year-old news and video aggregation startup, according to an announcement released Thursday. The transaction will convert into about 11.4 million shares of Qutoutiao at a price of $15 per American depositary shares, representing about 4 percent of Qutoutiao.
The dot.com giant's investment in the mobile content aggregator provides capital to Qutoutiao, but it also brings exposure and validation to the platform.
Chinese startup ByteDance is finding itself surrounded by challengers as its empire of new media products, including global video app TikTok and Chinese news aggregator Jinri Toutiao, gather steam. Tencent tried to play catch-up with a handful of new short-video services, and a Facebook clone of TikTok was reportedly in the making. Like ByteDance, the Shanghai-based company began as a news aggregator banking on personalized content often characterized by gossipy news and viral videos.