Editor’s note: This originally appeared on China Tech Insights, an English research unit affiliated to Tencent’s Online Media Group.

Earlier media reports have it that the news app Toutiao, one of the tech unicorns in China is raising around $2 billion at a valuation of over $22 billion, and U.S.-based private equity firm General Atlantic is among potential new investors. A valuation of $22 billion for a news app—that is really something if it is compared with the search engine giant Baidu (market cap $76 billion as of July) and social media giant Weibo (market cap $20 billion as of August).

Looking back at its rising history, one might be astonished by how the company’s valuation has been scaling up over the past several years.

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