Mu Tong Internal Letter: CEO and Management Structure Remain Unchanged, Multiple Incentive Plans Will Be Offered to Employees

Regarding ByteDance’s sale of Mu Tong Technology to Savvy Games Group, a subsidiary of the Saudi Public Investment Fund (PIF), Mu Tong CEO Zhang Yunfan issued an internal letter stating: Recently, the company and Savvy Games Group (referred to as “Savvy”) have signed an agreement, and both parties will complete the transaction within a certain period. After the transaction is completed, Mu Tong will become a wholly owned subsidiary of Savvy. Meanwhile, Mu Tong’s management structure will remain unchanged, and Mu Tong will still be a company headquartered in Shanghai. Zhang Yunfan will also continue to serve as Mu Tong’s CEO and, together with the management team, continue to lead the company forward. After the transaction is completed, based on historical performance contributions, multiple incentive plans will be provided to Mu Tong employees, including accelerated vesting and the distribution of some historically granted long-term incentives. At the same time, based on future performance, new and more attractive incentive schemes will also be introduced. (Science and Technology Innovation Board Daily)