ByteDance, the owner of TikTok, has denied reports that it plans to wind down its virtual reality (VR) business, Pico. Chinese research firm EqualOcean had published a report claiming that ByteDance founder Zhang Yiming had told Pico's management team that the company would gradually give up on the brand. ByteDance has said that Pico is under normal operation and that it remains committed to the extended reality (XR) business in the long term. Pico has the biggest market share for VR headsets in China, accounting for over 58% of the market.