ByteDance says no to IPO plans

ByteDance has said that it has no imminent plans for an initial public offering.

| Updated on: Aug 21 2022, 16:47 IST
ByteDance (REUTERS)
ByteDance (REUTERS)

Beijing-based ByteDance said on Friday it had no imminent plans for an initial public offering (IPO) after it conducted a thorough study.

"We believe the company doesn't meet the public listing requirements for now," TikTok owner ByteDance said in a statement published on its Toutiao account. Toutiao, also known as Jinri Toutiao, is a ByteDance-developed Chinese language news aggregator.

ByteDance last month hired former Xiaomi executive Shou Zi Chew for a newly-created role as chief finance officer, in a sign that the tech company is moving a step closer to a much-anticipated IPO.

Reuters has reported ByteDance has been exploring possibilities 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 Toutiao.

ByteDance has also been looking at a potential IPO for its non-China business, which includes TikTok that is not available in China, in Europe or the United States.

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First Published Date: 23 Apr, 21:04 IST