China may have a reputation for low wages and sprawling factories. But in a sign of changing times, one startup founder has embraced a strategy of paying top employees the highest salaries in the market — and so far it’s working.
Beijing ByteDance Technology Co. is the brainchild of an entrepreneur named Zhang Yiming. The company is best known for a mobile app called Jinri Toutiao, or Today’s Headlines, which aggregates news and videos from hundreds of media outlets. In five years, the app has become one of the most popular news services anywhere, with 120 million daily users. [ Bloomberg ]