BEIJING — TikTok owner ByteDance has disbanded its investment department, a company spokesperson told CNBC on Wednesday.

ByteDance made a decision to strengthen the business’ focus, decrease investments that are not connected to the main business and to disperse workers from its strategic investment division to other lines of business after completing an evaluation at the start of the year,” a spokesperson stated in a Chinese translation by CNBC.

This move, according to company, “strengthens coordination between strategic and business research.”

This news is timely as ByteDance undergoes a restructuring process since it was founded in 2008. founder Zhang Yiming stepped down as chairman in the fall.

According to CB Insights, ByteDance was the largest startup in the world and is valued at $140 million.