徐新上车了

Core Viewpoint - The recent auction of ByteDance's old shares attracted significant interest, with today's capital led by Xu Xin winning the bid at nearly $300 million, valuing ByteDance at approximately $480 billion, highlighting the high demand for its shares in the secondary market [1][2][4]. Group 1: Investment Activity - Xu Xin's firm, Today Capital, successfully bid nearly $300 million for ByteDance's old shares, which were initially priced at around $200 million, reflecting a substantial increase in valuation from approximately $360 billion to $480 billion [2][4]. - The auction involved up to seven bidders, indicating fierce competition for ByteDance's shares, which are considered a rare opportunity to acquire significant existing stakes in the company [3][4]. Group 2: Historical Context - Xu Xin previously missed an opportunity to invest in ByteDance when she was presented with a $7 billion financing request from Zhang Yiming, which she deemed too high at the time [5][6]. - The narrative of missed opportunities extends to other investments, such as Pinduoduo, where Xu Xin's firm also failed to invest initially but later recognized its potential [7][6]. Group 3: Market Implications - The transaction reflects a broader trend of rising valuations in Chinese technology assets, as international capital shows renewed interest in the sector, driven by the ongoing AI wave and the success of major internet companies like ByteDance [10][11]. - The complexity of ByteDance's shareholder structure includes prominent investors such as SIG, Sequoia China, and SoftBank, indicating a robust backing that enhances its market position [8].