Qutoutiao Inc. (China)

The Company operates mobile content platforms for the distribution, consumption, and sharing of entertainment content in China.
The Group's eponymous mobile application, Qutoutiao, meaning “fun headlines” in Chinese, applies artificial intelligence-based algorithms to deliver customized feeds of articles and short videos to users based on their unique profiles, interests and behaviors. The Company has attracted a large group of users, many of whom are from lower-tier cities in China. The Company has only one operating segment and one reportable segment.
In February 2018, the Company acquired 100 equity interests of Dianguan, an advertising agent from its shareholder for a cash consideration of RMB15,000,000.
The Group launched its flagship mobile application, Qutoutiao, in June 2016, the Group's mobile literature application, Midu Novels, in May 2018, and Midu Lite, which combines a loyalty program with the standard offerings from Midu Novels, in May 2019. The Company primarily operate the Group's business through certain of the Group VIEs, Shanghai Jifen, Big Rhinoceros Horn and Anhui Zhangduan Internet Technology Co., Ltd., or Anhui Zhangduan, and their subsidiaries. To facilitate financing offshores, the Company incorporated Qtech Ltd. in July 2017. Through a series of transactions, Qtech Ltd. then became it ultimate holding company.
History
2018
On July 5, 2018, Qtech Ltd. was renamed to Qutoutiao Inc.
On September 14, 2018, it ADSs commenced trading on NASDAQ Global Select Market under the symbol “QTT.”
2023 The Company changes its trading symbol to QTTOY effective July 28, 2023.