ByteDance's AutoDriver plans to split and raise $800 million

Dongchedi, the car information platform under ByteDance, is planning to split and seek $800 million in financing, with an estimated valuation of about $3 billion. This may be the last and only financing opportunity before its IPO, and ByteDance will open investment quotas to minority shareholders. Sequoia China will lead the investment of $400-500 million, and other investors include KKR and General Atlantic. This move is seen as ByteDance's attempt to divest non-core businesses and abandon its diversified development direction.