Muchong Technology CEO Yuan Jing insists that the company will continue to operate independently and denies the sale rumors

According to news from this site on November 28, ByteDance’s game business will undergo large-scale business contraction. Games that are currently online and performing well will seek to be divested while ensuring operations; and those that are not yet online will be divested. All projects, except for a small number of innovative projects and related technology projects, will be shut down.

There was also news earlier this month that ByteDance has been meeting with potential buyers to discuss the sale of its gaming unit Mutong Technology.

Xuebao Financial News Agency stated that ByteDance hopes to sell Mutong Technology for no less than US$5 billion (note on this site: currently about 35.75 billion yuan) and has hired Goldman Sachs for this purpose Serve as a financial advisor to help source and contact potential buyers.

Regarding Byte Group’s recent adjustments to its gaming business and the news that Muchong was being sold, Muchong CEO Yuan Jing responded publicly internally, stating that Muchong continues to operate independently.

Two years ago, ByteDance acquired the Shanghai-based company for $4 billion (currently about 28.6 billion yuan). Mutong Technology Studio. Mutong Technology has developed popular mobile games "Magic Rush: heroes", "Dragon Battle", "Endless Showdown", etc.

Shanghai Mutong Technology Co., Ltd. is a company established in 2014. According to the registration information, Yuan Jing is the legal representative of the company, with a registered capital of approximately RMB 1.22 million. The company is 100% owned by Beijing Chaoxi Guangnian Information Technology Co., Ltd., which is a gaming business brand owned by Bytedance

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