TikTok Owner Boosts China Ties, Invests in State-Backed Chip Firm

As the Chinese government races to catch up in advanced computer chips, it has found an ally in ByteDance, the owner of TikTok. The Chinese tech company has quietly bought a stake in InnoStar Semiconductor, a Shanghai-based memory chip firm backed by the Chinese government, according to corporate records in China and Singapore.

A ByteDance spokesperson confirmed the previously unreported investment and said it was meant to help advance the company’s development of virtual reality headsets. But the investment, which …

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