In 2009, Susquehanna International Group invested in a Chinese real estate start-up, 99Fang, where its employees played a significant role in conceiving the idea, choosing the CEO, and ultimately influencing the development of the company.
Former Susquehanna contractors claim that ByteDance, the owner of TikTok, emerged as a result of 99Fang's failed real estate venture, with Zhang Yiming, originally picked by Susquehanna to lead the housing platform, becoming ByteDance's founder.
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