(Yicai Global) Dec. 3 -- TikTok owner ByteDance Technology has promised not to undercut its competitors such as Alibaba Group Holding and Huawei Technologies upon the social media firm's public cloud storage debut in the world's fastest-growing cloud service market.

ByteDance will not resort to price wars but is hoping to pursue optimal configuration based on technology and resource sharing, the Paper reported today, citing Tan Dai, the person in charge of the Beijing-based company's cloud business. "The cloud computing market still has great room."

The video platform operator's cloud computing unit Volcano Engine yesterday revealed 78 new services, including video and content distribution, data middle platform development, and artificial intelligence.

China is the world's fastest-growing cloud service market, maintaining a more than 50 percent increase each quarter, per Canalys. Cloud infrastructure spend jumped 54 percent to USD6.6 billion in the second quarter from a year ago, it added.

The capital-intensive computing resource market that has tight profit margins is concentrated on a few major players. Alibaba Cloud, Tencent Cloud, and Huawei Cloud occupied 60 percent of China's public could market in the first half of this year, according to market research agency IDC.

ByteDance is well prepared. Volcano Engine boosted its registered capital by 100 times to CNY1 billion (USD157 million) in mid-November, per corporate registration information. This is because cloud computing requires huge funds, said Yang Zhen, vice president of ByteDance.

Editor: Emmi Laine, Xiao Yi