Summer 2026

3D Graphics Engineer Intern

PICO Foundation

ByteDance

ByteDance

10,001+ employees

Runs global short-video platforms with ads

No salary listed

Company Does Not Provide H1B Sponsorship

San Jose, CA, USA

In Person

Category
Software Engineering (1)
Required Skills
OpenGL
C/C++

People at ByteDance

People at ByteDance who can refer or advise you

Requirements
  • Currently pursuing an Undergraduate/Master in Software Development, Computer Science, Computer Engineering, or a related technical discipline
  • Able to commit to working for 12 weeks during Summer 2026
  • 3D Graphics rendering experience
  • Good understanding of Vulkan or OpenGL
  • Strong C++ programming skills
Responsibilities
  • Develop innovative and highly performanced XR Graphics features
  • Develop PICO XR System Software
  • Graphics and performance tool development
  • Organize research data, write technical reports, and publish research papers
Desired Qualifications
  • Papers published at CVPR, SIGGRAPH and other top conferences/journals.
  • Familiar with Qualcomm SOC and low level GPU profiling library.

ByteDance runs a global family of content platforms, including Toutiao, Douyin, TikTok, Helo, and Lark, that inform, entertain, and inspire users across many languages and regions. Each platform surfaces user-generated content through a recommendation algorithm that personalizes feeds to keep people engaged. It primarily earns money from advertising, with additional income from in-app purchases and partnerships. The company stands out by offering multiple products with strong short-form video focus and global localization to reach diverse audiences, aiming to grow users and sustain advertising-driven revenue.

Company Size

10,001+

Company Stage

Private

Total Funding

$6.1B

Headquarters

Haidian, China

Founded

2012

People at ByteDance

People at ByteDance who can refer or advise you

Simplify Jobs

Simplify's Take

What believers are saying

  • Seedance 2.5 adoption in Hollywood at $9/minute versus Google's $24 cuts AI video costs dramatically [2][5].
  • Doubao Pro subscription launched June 25, 2026, targeting 345 million MAU to offset $132M daily compute costs [5].
  • Qualcomm negotiations for custom chip design could yield mass-produced video units by end-2026, reducing US chip reliance [6].

What critics are saying

  • Disney and Hollywood unions will sue over Seedance 2.0's unauthorized likeness use, risking $500M+ damages and feature disablement [Negative trend 1].
  • SAMR will suspend 20+ foreign health brands on Douyin for illegal claims, triggering $150M compliance crisis and China e-commerce loss [Negative trend 3].
  • Qualcomm chip deal may collapse due to US AI export restrictions, forcing 40% Seedance 2.5 rollout cut and no domestic inference hardware [Negative trend 5].

What makes ByteDance unique

  • Seedance 2.5 enables 30-second native 4K video with 50 multimodal references, dashing production limits [1][5].
  • ByteDance's Seedance 2.0 ranks #1 on Artificial Analysis, offering 15-second 4K coherence for immediate commercial use [2][3].
  • Seedance 2.5 supports region-level editing and 3D blockout previsualization, enabling precise workflow control without full regeneration [1][4].

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Benefits

Hybrid Work Options

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

0%

2 year growth

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China National News
Jul 7th, 2026
China moves to bolster youth employment for the AI era.

China moves to bolster youth employment for the AI era. Xinhua 07 Jul 2026, 18:16 GMT+10 BEIJING, July 7 (Xinhua) - This was a livestream like no other! Instead of social media influencers, it featured HR managers from China's top tech giants like JD.com, Baidu and Alibaba stepping into the spotlight to unveil exclusive job openings, tackle burning questions about salaries and career growth, and even take viewers on virtual office tours. To top it off, young jobseekers received real-time career advice straight from employment counselors. This event in June was part of a month-long online recruitment campaign launched by China's Ministry of Human Resources and Social Security, which brought together more than 5,000 internet companies and offered over 200,000 job vacancies. "The livestream recruitment helps bridge the information gap between employers and jobseekers, making it easier for us to find positions that truly match our skills," said Liu Weicai, a graduating student from the University of Science and Technology Beijing. JD.com alone announced 25,000 openings across technology and sales. Tencent plans to recruit more than 8,000 people, covering artificial intelligence (AI) algorithms and high-performance computing. ByteDance is hiring about 7,000 for positions related to large language models and AI search, among other areas. The virtual job fair reflects a profound transformation that is unfolding in China's employment market. Currently, the employment pressure remains high in China, with 12.7 million college graduates set to join the workforce this year. Meanwhile, rapid advances in technologies and the digital economy have reshaped labor demand, reducing the need for some traditional positions while creating a growing number of new occupations that require higher skills. To meet these challenges head-on, China is rolling out targeted employment support and revamping college majors to empower young people to thrive in an ever-evolving labor market. The central government recently launched a nationwide employment support campaign from July through December to provide career counseling, job matching, vocational training and internship opportunities for college graduates and other young jobseekers. Local authorities and universities are also stepping up efforts. In east China's Jiangsu Province, authorities have established personalized assistance plans for more than 23,000 graduates facing employment difficulties. In Beijing, representatives from 56 universities and more than 100 companies gathered in June to strengthen cooperation in graduate recruitment, internship programs and joint talent cultivation. During the event, Zhao Yutong, a postgraduate student at Minzu University of China, visited company production lines and research facilities. "I realized the gap between what we learn in classrooms and what companies actually need. It gave me a much clearer understanding of my own career development," said Zhao. In addition to near-term employment support, China is also reshaping how it trains the next generation of workers. According to a report by MyCOS, a higher education consulting firm, electrical engineering, automation, and new energy science and engineering were among the most sought-after undergraduate majors on the job market this year. These disciplines closely align with China's expanding industrial chains and accelerating technological innovation, the report said. To better match the changing industrial demand, the Ministry of Education in April added 38 new undergraduate majors, ranging from energy science and engineering and agricultural robotics to frontier fields such as bio-manufacturing and brain-computer science and technology. Beyond creating new majors, China has also introduced more flexible learning models that respond faster to technological advances and shifting industry needs. At Xi'an University of Science and Technology, mining engineering student Guo Haifeng completed a "micro-major" in intelligent monitoring technologies for high-pressure mining, combining traditional mining engineering with AI and big data applications. "The program broadened my skill set, allowing me to combine traditional mining engineering with intelligent technologies," Guo said, adding that the experience helped him secure his ideal job. The Ministry of Education launched in 2025 an initiative to establish 1,000 micro-majors and 1,000 vocational skills training courses to equip students with industry-oriented skills, which has benefited more than 1 million students so far. This year, additional micro-majors focusing on AI, the low-altitude economy and intelligent connected vehicles have been introduced. Beyond the education policies, China has stepped up top-level planning to ensure that talent development is better aligned with real-world needs. The State Council in June unveiled a five-year plan dedicated specifically to employment. The plan highlighted employment as a top priority, calling for coordinated macro policies and better adaptation to the age of AI. As technology keeps reshaping the economy and employment, a proactive response to the changes will help align the employment environment, job supply and workers' skills with the direction of technological development, said Zhao Zhong, dean of the School of Labor and Human Resources at Renmin University of China. Experts expect the country will continue to bolster economic development and foster stronger synergy between industrial development and employment in a bid to create more sustainable job opportunities.

vioevo
Jun 24th, 2026
Seedance 2.5 preview: what ByteDance just showed at FORCE 2026.

Seedance 2.5 preview: what ByteDance just showed at FORCE 2026. Vioevo checked the official Seed pages and the first wave of conference coverage. Here's what is actually known, what multiple reports agree on, and what still needs a public model card before anyone should treat it as settled. The short version. Seedance 2.5 was previewed by ByteDance at the FORCE 2026 conference on June 23, 2026. The most consistent reporting says the model is targeting an early July 2026 public release, with three headline changes: * 30-second native video generation in a single pass * Up to 50 multimodal reference inputs * More controllable editing, including local changes without rebuilding the whole clip If you want the current production baseline, Seedance 2.0 is still the model to compare against. At the same time, the official Seed model page still points to the public Seedance 2.0 page still describes the current generation as a 2.0 model. That means Seedance 2.5 should be treated as a previewed next step, not a generally available model with a full public spec sheet yet. That distinction matters. A lot. What was actually announced. The first thing to get right is the status of the news. This was not a vague rumor from social media. Multiple reporting outlets independently described the same ByteDance FORCE 2026 announcement: * The Decoder said Seedance 2.5 is the centerpiece of ByteDance's conference release and noted the early July target. * CNET also covered the announcement as a new Seedance 2.5 video model introduction. What Vioevo can say with confidence is this: * ByteDance used FORCE 2026 to preview Seedance 2.5. * The company is framing it as a production-oriented upgrade, not a cosmetic refresh. * The public launch is expected in early July 2026, but the model is not broadly public at the time of writing. What Vioevo should not say yet: * That every feature is already locked by a public technical report * That the exact input mix is fully documented * That pricing, access scope, or API shape have been finalized Those details may arrive with the official launch. Right now, they are still moving pieces. Why 30 seconds matters. The headline number is not just a marketing flourish. The Seedance 2.0 model guide describes a model built around strong motion stability, audio-video joint generation, and a director-like workflow. The current 2.0 page still emphasizes those capabilities, but the most visible practical limit has been the clip length. A jump from 15 seconds to 30 seconds changes the workflow in a real way. * fewer stitched clips * fewer continuity breaks * fewer opportunities for camera logic to fall apart * less time spent repairing transitions in post That is especially important for ad work, product scenes, story-driven shorts, and any sequence where a beginning, middle, and end need to live inside one generation instead of across three separate ones. If the reporting holds, Seedance 2.5 is not just "longer." It is long enough to let the model carry a more complete beat. The 50-reference jump. The second major change is the input budget. Conference recaps consistently point to up to 50 multimodal references. That is a large jump from the earlier Seedance 2.0 framing, which focused on a much smaller set of references in public coverage. Why this matters: * More reference inputs usually mean stronger character consistency. * More assets make it easier to lock down costume, environment, composition, and brand language in one run. * More reference slots can reduce the need to over-explain the prompt, which is useful when a scene depends on many small constraints. The cautious part: different recaps describe the reference mix a little differently. Some mention images, audio, text, and additional assets; others summarize it simply as "50 multimodal references." I would treat the count as the stable claim and avoid over-specifying the exact asset taxonomy until ByteDance publishes the official model page. That is the more rigorous reading. Editing looks more serious too. Another consistent theme in the launch coverage is controllable editing. The reporting does not describe a simple "regenerate the whole thing and hope for the best" workflow. Instead, it suggests Seedance 2.5 can preserve the original motion, lighting, and overall look while changing a character or adjusting part of the shot. That is a meaningful production shift. For a creator, the value is not just "the model can edit." The value is that the edit may preserve the parts you do not want to lose: * camera movement * lighting direction * motion continuity * scene style If that holds in the public release, it pushes Seedance closer to a real production tool and further away from a one-shot novelty generator. Seedance 2.0 vs. Seedance 2.5. Here is the cleanest way to think about the jump. | Capability | Seedance 2.0 | Seedance 2.5 preview | | Native clip length | 15 seconds in public launch coverage | 30 seconds, according to conference reports | | Reference inputs | Multi-modal reference workflow, but smaller practical ceiling | Up to 50 multimodal references, according to reports | | Editing | Strong reference and editing support | More controlled local editing, according to reports | | Resolution | Official site still points to 2.0; reports now say 2.0 has native 4K | Not yet fully documented on a public model page | | Public availability | Available in current product surfaces | Expected in early July 2026 | The most important thing is not that every box got bigger. It is that the workflow got less fragmented. Seedance 2.0 already made a strong case for realism and controllability. Seedance 2.5 appears to be extending that strength into a longer, more composable shot structure. What is still unclear. This is the section I would keep an eye on before anyone builds a production pipeline around the preview. 1. Is the 30-second claim native, or does it hide internal stitching? The reporting says single-pass output, which is the important part. But until ByteDance publishes the model card, Vioevo should wait for the exact wording and test results. 2. What exactly counts as a "multimodal reference"? The public recap language is not perfectly uniform. Some reports mention text, images, and audio; others mention additional asset types. The number is the solid part for now. 3. What will the official API and pricing look like? No public launch documentation has been posted yet in the sources I checked. For production planning, pricing and availability matter as much as capability. 4. Does the native 4K story belong to 2.5, 2.0, or both? One conference recap says Seedance 2.0 now supports native 4K with 10-bit color depth. Another Chinese report says the 2.0 line has been upgraded to native 4K. The public Seed pages still lag behind those claims, so I would wait for the official release note before treating the 4K boundary as fully settled. That last point is the kind of detail that often gets blurred in launch-week coverage. It should not be blurred. Why this release matters. The broader signal is easy to miss if you only look at the feature list. ByteDance is clearly pushing Seedance toward production workflows, not just demo clips. The public reporting around FORCE 2026 ties the model to longer scenes, tighter control, and more reusable reference-driven generation. That direction matters for: * advertising * short drama * product storytelling * previs and storyboarding * industrial and enterprise content workflows It also lines up with the kind of use cases that need a model to stay coherent across many constraints instead of only looking good on a single frame. If Seedance 2.0 was the moment ByteDance proved it could make video that looked convincingly real, Seedance 2.5 looks like the moment it is trying to make that realism easier to direct. Its take. Seedance 2.5 does not look like a minor point release. If the conference reporting holds up, the upgrade is about three things that matter in actual production: * longer native clips * more reference control * more useful editing after generation That combination is more valuable than a one-line "quality improved" claim, because it changes how people will work with the model. Vioevo is still in preview territory, though. Until ByteDance publishes the official model card or launch documentation, the safest way to describe Seedance 2.5 is: a confirmed preview, a likely early-July release, and a meaningful workflow upgrade that still needs a public spec sheet. That is the honest version. Frequently asked questions. Is Seedance 2.5 available now? Not broadly, based on the sources I checked. The model was previewed at FORCE 2026 on June 23, 2026, and several reports say public availability is expected in early July 2026. What are the biggest confirmed changes? The most consistent claims are 30-second native generation, up to 50 multimodal references, and more controllable editing. Does Seedance 2.5 replace Seedance 2.0? Not yet. The official Seed pages I checked still present Seedance 2.0 as the public model line, so 2.5 should be treated as the next step, not a completed replacement. Has ByteDance published a full technical report? I did not find a public model card or technical report for Seedance 2.5 in the official sources I checked. That may change at launch. Should production teams wait for 2.5? If you need something today, use the current Seedance 2.0 line. If you can wait and your workflow benefits from longer clips and heavier reference control, 2.5 is the release to watch. Seedance 2.5 looks like the first Seedance update that is really trying to remove the "short clip" ceiling. Until the official launch page lands, Seedance 2.0 remains the model you can actually use today.

AI Videos
Jun 23rd, 2026
Seedance 2.5: the 30-second 4K model coming in July (and why 2.0 is already worth using).

Seedance 2.5: the 30-second 4K model coming in July (and why 2.0 is already worth using). The model everyone's asking about isn't out yet. If you've seen "Seedance 2.5" trending this week and gone looking for where to try it, here's the honest answer: you can't yet. ByteDance previewed Seedance 2.5 at its June 2026 Force conference, and a public launch is expected in early July 2026. Right now it's in closed and enterprise beta. That matters, because a lot of the breathless "Seedance 2.5 is here" coverage is jumping the gun. So let's separate what's actually confirmed about 2.5 from what you can use today - which is Seedance 2.0, and it's already very good. What Seedance 2.5 brings (previewed, launching July). Based on ByteDance's own preview, the headline upgrades are about length and control - the two things that separate "cool clip" from "usable production asset": * A native 30-second clip in a single pass. No stitching, no extension passes. If that holds up, it's a genuine leap - most models top out around 5-10 seconds and force you to chain shots. * 4K output. A real resolution jump for delivery-grade work. * Up to 50 multimodal references - images, video, and audio fed into one generation to steer it. That's a serious answer to the consistency problem. * Localized editing - change a region of a clip without regenerating the whole thing - plus 3D blockout input to pre-stage camera and composition. If those land as previewed, 2.5 isn't an incremental bump - it's aimed squarely at the parts of AI video that still break in production. Aivideos'll put it through real briefs the moment it's public. Seedance 2.0 is the one you can use today. Here's what gets lost in the 2.5 hype: Seedance 2.0 is currently the #1 model on the Artificial Analysis leaderboard, and you can generate with it right now. It's the strongest narrative-driven model available today - multi-shot coherence and synchronized audio in a single pass, which is exactly what most "AI video that actually tells a story" work needs. You don't need to wait for 2.5 to get value from Seedance. Aivideos has already wired Seedance 2.0 into its studio - generate with it on demand, no subscription, and own the output. For continuity-heavy work it slots in right next to the tools Aivideos cover in its Runway vs Kling comparison. Where Seedance fits after Sora. This is the bigger story. With Sora shutting down (app gone, API ending September), the creators who built workflows on it are migrating - and the consensus landing spots are Seedance 2.0 for commercial and consistency work and Veo 3.1 for the realism ceiling Sora was known for. Aivideos reviewed the audio-native realism angle in its Veo 3 review. In other words, if you're a displaced Sora user, Seedance 2.0 is one of the two tools worth trying first - today, not in July. Should you wait for 2.5? For most work, no. Start with Seedance 2.0 now; it's the current leader and it's available. Reserve judgement on 2.5 until it's public and tested - previewed specs are marketing until a real brief proves them. The smart play is to get fluent on 2.0's strengths now, so that when 2.5's longer, higher-res generations land in early July, you already know how to direct the model. If managing any of this yourself isn't how you want to spend your time, that's what Aivideos is here for - Aivideos run the full model stack daily, across Europe, the UK and the US. Hand Aivideos a brief and Aivideos'll pick the right model for the shot. See its production services or browse the gallery. Try Seedance 2.0 now. You can generate with Seedance 2.0 - alongside Kling, Veo, and more - in its studio today, on credits, no subscription. And the moment Seedance 2.5 goes public in July, it'll be there too. Tell Aivideos what you're making and Aivideos'll help you get the most out of it.

Ecommerce China Agency
Jun 22nd, 2026
Douyin new health regulations.

Douyin new health regulations. June 22, 2026 When it is matter to market and sell Health products in China, it is always "complicated". Not impossible, but more complicated. ByteDance' started to explore a livestream broadcasting service to promote drug sales & health supplemets. source It will be a kind of pharmacy under "Jointown Pharmaceutical Group" Douyin e-commerce updated the health industry management specifications with traditional nutritional supplements and health food. The OTC medicines are allowed to be sell on Douyin, big new in the health industry. Products allowed since Februray 2023 are fever-reducing drugs, dermatological drugs, and gastrointestinal drugs, local media. The video platform also allow sales of medical equipment, including ventilators, oxygen concentrators, stethoscopes, and fetal heart rate monitoring devices. You have to understand that before for the health category, ByteDance e-commerce has been using targeted invitations for entry, including only about 20 brands under the "Xiuzheng Pharmaceutical Group" plus"Renhe Pharmacy" store on Douyin. So all health food brands only need to meet "high brand standard" and "online channel 12 months" for mainly domestic main-board listed Chinese company. This news drew public attention and was considered a hallmark for the beginning of social selling for health products in Douyin. You need to know that to the specialized nature of pharmaceutical brands, online drug promotion and sales are under strict regulatory governance. Livestream promotion and sales of e-commerce products is huge in China and combining livestream KOL with the pharmaceutical industry will face challenge from authorities. Promotion of health Product by KOL is limited. China really care of health products and you have to be real expert to advertise. Douyin minor protection. Douyin unveils new content rules to safeguard minors. in 2022, a new rules was released by (Bythedance) Douyin aims to curb young Chinese users from being "corrupted" by short video. For young kids under 14 kids are restricted to only 40 minutes of daily consumption of Douyin, and the APP shut out from the app after 10 p.m for Kids version. This law limits accounts of falsifying popularity (pretend to be more successful) and soliciting money from minors. use moralized language and limit vulgarity, gang relations, and the "subversion of traditional moral values of China" Douyin health regulations in 2026: full update. Douyin's health content regulations have evolved significantly since they were first introduced. This is the most up-to-date picture for foreign brands selling health, supplement, and wellness products in China. The SAMR (State Administration for Market Regulation) has increased enforcement. Since 2023, SAMR has been actively monitoring Douyin for illegal health claims in product promotion videos. Brands and creators caught making unsubstantiated health claims face account suspension, fines, and product delisting. The enforcement is real and it applies to foreign brands operating in China equally. What you can and cannot say on Douyin for health products: Permitted: Ingredient descriptions, nutritional content, country of origin, production method, general wellness language ("supports daily nutrition," "rich in vitamin C," "contains omega-3 fatty acids"). Third-party certifications can be shown but not used as evidence of health claims. Prohibited: Any claim that the product treats, cures, or prevents a disease. Comparisons to prescription medication. Before-and-after claims for medical conditions. Testimonials that describe recovery from illness. Language like "clinically proven to cure," "eliminates cancer risk," or "treats arthritis." These are illegal under Chinese advertising law regardless of how they are framed. Douyin introduced a health product certification system for brands. Brands that sell health and supplement products through Douyin Shop (抖音小店) must now apply for health product merchant status and submit their product documentation. This includes import certificates, product specifications, and either Blue Hat registration (for domestic health products) or CBEC cross-border documentation (for imported products). Brands that operate without this certification face regular account reviews. KOL and creator content is now subject to the same rules as brand content. A creator paid to promote your supplement who makes an illegal health claim on their personal account can trigger enforcement against your brand. You are responsible for the content of sponsored posts. Brief your creators clearly and in writing about what they can and cannot say. Have a Chinese-speaking compliance reviewer approve content before it goes live. Douyin's algorithm now down-ranks health content that uses banned keywords. Even if your video does not result in a formal complaint, Douyin's internal content moderation flags health-related videos that contain certain trigger words. Flagged videos get lower distribution and may be hidden from search. Work with your TP or Douyin operations team to audit your existing content for trigger keywords before each major campaign. How to sell Health products on Douyin without getting flagged. * Lead with lifestyle content, not product claims. Show your product being used in a daily routine, not as a solution to a health problem. A protein shake shown as part of a morning workout routine is safe. The same shake described as "preventing muscle loss after age 40" is a health claim and triggers enforcement. The difference matters enormously. * Get a Chinese compliance lawyer to review your content calendar. This is a one-time investment of RMB 5,000 to RMB 15,000 that can save you from a campaign that gets your account suspended. A Chinese advertising law specialist will identify your highest-risk content and suggest compliant alternatives. Do this before your product launch, not after your first warning. * Use Douyin Shop with proper merchant certification. Selling through Douyin Shop (the platform's native commerce feature) requires submitting product documentation and receiving merchant approval. Brands that skip this and only link to external stores miss Douyin's native checkout integration and get lower placement in shopping recommendations. Apply for health merchant status early in your setup process. * Work with health creators who understand compliance. Not all Chinese influencers know health advertising rules. Choose creators who already manage health brand partnerships and can demonstrate a clean content history. A creator who has already been warned or suspended for health content violations is a risk to your brand. Check their account history before signing contracts. What health brands say about Douyin compliance. "We had a creator post a video saying our collagen drink 'visibly reduced wrinkles in two weeks.' It was not scripted by us, but our product was tagged. We received a platform warning within 48 hours. Now every sponsored post goes through our Chinese compliance manager before going live. Non-negotiable." Marketing director, Japanese beauty supplement brand, via industry webinar "We switched from product-focused content to lifestyle content on Douyin. Instead of talking about our vitamins' benefits, we show healthy Chinese families using them in their morning routines. Engagement went up, not down. Compliant content can still be engaging." China digital lead, US supplement brand, EAC client Faq. Can foreign supplement brands use Douyin Live to sell their products? Yes, but with restrictions. Live selling for health products requires the host to have health product merchant certification on their Douyin account. The live session cannot include health claims or testimonials. Products must be sold through the Douyin Shop integration, not through external links. Brands that follow these rules can sell significant volume through Douyin Live without compliance issues. What happens if a brand violates Douyin health content rules? First offense: usually a content removal and a platform warning. Second offense: temporary account restrictions (typically 7 to 30 days of reduced distribution). Repeated offenses: account suspension, Douyin Shop delisting, and potential referral to SAMR for formal investigation. The consequences escalate quickly. It is always worth investing in compliance before the first warning arrives. EAC runs Douyin campaigns for foreign health and wellness brands in China. Ecommerce China Agency manage compliance, content creation, live sessions, and Douyin Shop operations. Ecommerce China Agency know what is allowed and what gets accounts flagged. Get a free brand audit from its team. Ecommerce China Agency will review your current content and product positioning and tell you exactly what needs to change before your next Douyin campaign.

Waddy
Jun 21st, 2026
Li Auto raises $1.1B in US IPO, valuing Chinese EV maker at $11B

Li Auto, a Beijing-based electric vehicle startup, raised $1.1 billion in its Nasdaq debut, with shares surging nearly 50% on Thursday. The company sold 95 million American Depositary Shares at $11.5 each, giving it a market valuation of $11 billion. Founder Li Xiang, who holds a 21.3% stake worth $2.9 billion, has differentiated the company through its Extended-Range Electric Vehicles system, which combines battery packs with an internal combustion engine. The flagship Li ONE, a six-seat electric SUV, sells for CNY 328,000. Li Auto sold 10,400 vehicles through June 2020 after starting mass production in November 2019. Whilst the company remains loss-making, it achieved gross profit of RM 40 million in Q1 2020. Investors include Meituan Dianping and ByteDance.