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ByteDance Aims For Hong Kong IPO By Early 2022 Despite China Tech Crackdown: FT

ByteDance, the owner of the short video platform TikTok, is aiming to go public with a listing in Hong Kong by early 2022, the Financial Times reports.

  • The company is planning for the IPO either in the fourth quarter of this year or early 2022, FT reports citing sources.
  • In April, ByteDance said that it had no imminent plans for the IPO.
  • Chinese authorities have widened their crackdown on the country’s technology companies.
  • According to the report, the company is going through a review process and has submitted filings to Chinese authorities, and final guidance is expected from ByteDance by September.
  • After postponing its overseas listing this year, ByteDance has been working for several months to address Chinese regulators’ data security concerns, according to people with knowlege of the company’s plans. Including providing more detail to authorities on how it stores and manages consumer information, the report indicates.
  • ByteDance was valued at $180 billion in a fundraising round in late 2020.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Source: ByteDance Aims For Hong Kong IPO By Early 2022 Despite China Tech Crackdown: FT

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