ByteDance ByteDance has no immediate plans of IPO : Report
Beijing/IBNS: TikTok-owner ByteDance has said that it has no immediate plans for an Initial Public Offering (IPO), according to a Reuters report.
The Beijing-based company had hired former Xiaomi executive Shou Zi Chew to a newly-created role as chief finance officer, suggesting that it was moving towards a much-anticipated IPO, according to the report.
"There has been recent media speculation about our IPO plans. We would like to clarify that we're not ready at this stage and do not have IPO plans yet," ByteDance said in a statement to Reuters.
Reuters reported that ByteDance has been exploring possibility that ByteDance has been exp to list Douyin, the Chinese version of TikTok, in New York or Hong Kong, or obtain a public listing for some of its Chinese businesses including Douyin and news aggregator Toutiao.
The report said that ByteDance has been looking at a potential IPO for its non-China business in the United States and Europe. This also includes TikTok, which is not available in China.
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