Game Analysis of Cross-Border Entry of Enterprises into New Markets: Case Study of Bytedance

China’s takeaway market has been growing rapidly since the beginning of its development. Nowadays, it has formed a double oligopoly market pattern of Meituan Takeout and ELEME Takeout. Recently, Bytedance announced its intention to enter the Chinese takeaway market has attracted widespread attention. Bytedance today is flush with cash and can compete well with the big incumbents. Its every move is closely watched, and it is even considered a threat to other delivery players, which could change the landscape of the delivery market in the future. Taking Bytedance’s cross-border entry into the takeaway industry as an example, based on the actions of Bytedance and existing enterprises in the takeaway industry at the moment of cross-border entry, this paper uses evolutionary game theory to establish an evolutionary game model, and introduces the conversion of available resources in the original industry of Bytedance in the game process to explore the influence of different resource conversions on the evolution results of the double development of the game. Furthermore, it is concluded how the resource conversion rate of the original industry affects the enterprises’ cross-border entry into the new market, so as to provide theoretical support for the decision of enterprises’ cross-border entry in reality.