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“Compared to earlier periods where management was mainly focused on growth and innovation, it now appears to be strongly focused on profitability,” said Drew Bernstein, co-founder and co-chairman of accounting firm Marcum Asia, who has been an auditor and adviser to Chinese companies since 1999.

Douyin tests the waters with popular dining table list in challenge to Meituan, “They seem to be narrowing their focus to a business where they can be at the top,” he said, adding that the current shift in strategy is a good thing from an accounting point of view.

“It’s gonna be tough for them [ByteDance’s TikTok] to resolve [these concerns] in the near future”, said Marcum Asia’s Bernstein. “I think it’s only going to get tougher because you’re heading into an election year [in the US]”.

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