TikTok’s parent company ByteDance agreed to acquire an 11.23% stake in iReader, a Chinese e-book reader and publisher, for $166m. Founded in 2008, iReader operates an app that lets users access novels, audiobooks, anime, among others. It expanded into global market in 2015. The company also recently ventured into enterprise software via its Lark app and online education with its Dali Education brand.