ByteDance cuts investment arm as deal curbs chill China tech

ByteDance Ltd. has downsized its powerful investment arm, anticipating Beijing will soon tighten curbs on the prolific deal-making that turbocharged the growth of China’s largest internet companies.

TikTok’s owner is dissolving the internal venture capital and investing team that makes bets on promising startups, people familiar with the matter said. A separate strategic investments arm, which focuses on backing companies that can help its own businesses, is undergoing a radical overhaul that will see it pull back from deals as well, they said, asking not to be identified discussing internal matters.

The retreat comes as regulators threaten to smother the