Capital Today, founded by the "Venture Capital Queen" Xu Xin, outmaneuvered several institutions in a competitive equity auction. It secured a portion of shares from ByteDance's early investor, Bank of China Group Investment Limited, at a valuation nearing US$500 billion. Originally priced with a valuation of US$360 billion and an asking price of roughly US$200 million, the transaction attracted bids from seven institutions. Ultimately, it closed at around US$300 million, marking one of the largest secondary market deals for ByteDance this year. Analysts attribute the fierce bidding to the scarcity of available shares and investors' acknowledgment of ByteDance's AI technology and the promising growth potential of its global business. In recent times, ByteDance's valuation has witnessed a substantial uptick; the employee stock repurchase program in September of the previous year was pegged at a valuation of approximately US$330 billion, and several major investors have since revised their valuation of the company's shares upwards to exceed US$400 billion. Presently, ByteDance's valuation has eclipsed that of SpaceX, positioning it as the world's second-most-valuable startup, trailing only behind OpenAI. It's crucial to remember that the market is fraught with risks, and investments should be approached with due diligence and caution.