ByteDance Shelves Sale of Moonton Game Studio, Picks New Chief

ByteDance Ltd. plans to install a new chief at subsidiary Shanghai Moonton Technology Co., after abandoning a plan to sell the most valuable gaming asset it had acquired to challenge Tencent Holdings Ltd.

The new leader at the Mobile Legends: Bang Bang maker will be Yunfan Zhang, who’s taking over from co-founder and Chief Executive Officer Justin Yuan, according to people familiar with the matter. ByteDance’s management decided on a change in strategy rather than to sell off the studio it acquired at a $4 billion valuation just three years ago, as it works to streamline and reorganize ...