字节老股“争夺战”，徐新赢了

Core Viewpoint - The article discusses the recent acquisition of ByteDance's old shares by Today Capital, led by Xu Xin, highlighting the increasing demand and valuation of ByteDance in the secondary market [5][9][20]. Group 1: Investment Activity - Xu Xin's Today Capital won a competitive bid for ByteDance's old shares, paying nearly $300 million, which corresponds to a valuation of approximately $480 billion for ByteDance [5][9]. - The auction attracted up to seven bidders, indicating high demand for ByteDance's shares, which were initially priced at around $200 million [9][10]. - The transaction reflects a broader trend in the secondary market where old shares of ByteDance have become highly sought after, with prices rising significantly since 2021 [10][11]. Group 2: Historical Context - Xu Xin previously missed an opportunity to invest in ByteDance when she hesitated at a $7 billion financing request from Zhang Yiming, which she found too high for early-stage investments [6][13]. - This missed opportunity has been a point of reflection for Xu Xin, who acknowledged her lack of understanding of the business model at that time [15][16]. - The article draws parallels between Xu Xin's missed investment in ByteDance and her later experiences with Pinduoduo, where she also initially failed to recognize its potential [16]. Group 3: Market Implications - The increase in ByteDance's valuation to over 3.4 trillion RMB is seen as a significant indicator of the revaluation of Chinese tech assets [11][20]. - The article notes a shift in international capital sentiment, with investors showing a renewed interest in Chinese technology companies, driven by the AI wave and the success of firms like ByteDance [20][21]. - The complex shareholder structure of ByteDance includes prominent investors such as SIG, Sequoia China, and SoftBank Vision Fund, indicating strong backing from major players in the investment community [18].