AsianFin -- ByteDance on Thursday addressed circulating rumors suggesting that the company’s entire chip team had been stripped of its access rights, spun off from the group, transferred to a new entity, and would not receive N+1 compensation.

The rumors claimed that these changes affected the entire chip team, not just the AI chip division, and hinted that the business would eventually operate under a Singapore-based company.

A ByteDance spokesperson clarified that these reports are false. The core entity of ByteDance’s chip business has remained unchanged. The recent adjustments were limited to switching Feishu tenants, and any speculation regarding layoffs, independence, or entity changes is inaccurate, the company emphasized.