China’s $20B News Leader Toutiao Under Siege By Government and Rivals

Watching a stern Mark Zuckerberg testify before the U.S. Congress is a reminder how China’s tech companies, despite differences in economic structure and technological sophistication, follow similar trajectories with their American counterparts. Toutiao, China’s biggest personalized news app with a US$20 billion valuation, is experiencing a similar crisis these days as government and competitors attack its core business model.