Benzinga | Jan 24, 2022 10:36AM EST

Alibaba, TikTok Parent Launch Interest-Oriented Social Apps: Report

* Alibaba Group Holding Ltd (NYSE:BABA) owned online shopping platform Taobao launched an interest-oriented community app called "Yousha" Pandaily reports.

* TikTok parent ByteDance Ltd's news and information content platform Toutiao tested a smart reading app called "Shiqu."

* The report adds that both the apps drive social interaction with personal interests, creating an interactive platform similar to friend circles.

* Yousha pays attention to recommending content to its users, hoping to encourage them to consume products on Taobao.

* ByteDance's Shiqu focuses on reading content based on personal interests.

* The Yousha app promotes itself as a "research institute" of good products with exciting trends. People with similar preferences can gather to share high-quality items and get to know each other.

* Price Action: BABA shares traded lower by 4.24% at $118.00 on Monday's last check.