[halhod]

Bytedance is a Chinese company. Look up VIE (variable interest entity) or "Sina Structure". Essentially the Cayman islands topco is a fudge that the Chinese government tolerates to facilitate non Chinese investment in Chinese companies, something which is not normally allowed. The structure is very common among Chinese tech companies. Instead of controlling the company by owning a majority of its shares, the "owners" of VIEs control their firms contractually. Paul Gilis' blog is very good on this https://www.chinaaccountingblog.com/weblog/explaining-vie-st...

[bduerst]

VIEs are publicly trade (Bytedance is not) and that blogpost you linked is a decade old.