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ByteDance Ropes In Former Xiaomi Head As Finance Chief: Report

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TikTok owner ByteDance Ltd. hired former Xiaomi Corp’s (OTC: XIACF) Chew Shou Zi as its CFO, amid speculations over the company’s initial public offering (IPO), Bloomberg reports.

  • Chew, who supervised Xiaomi’s IPO and smartphone international expansion as the CFO, tweeted about his recent joining in Singapore.
  • Xiaomi had earlier announced his departure in a filing to the Hong Kong stock exchange.
  • ByteDance had been exploring plans to list some of its businesses, including TikTok’s Chinese twin Douyin in Hong Kong.
  • The company’s revenue more than doubled to about $35 billion in 2020 amid intense competition and Donald Trump’s attempts to ban it over security concerns. 
  • U.S. President Joe Biden’s new administration had paused a government lawsuit that could have led to the de facto ban on TikTok’s use in the U.S.
  • The start-up’s revenue had more than quadrupled from just $8 billion in 2018 and now posts sales on par with the likes of Nike Inc (NYSE: NKE) and Coca-Cola Co (NYSE: KO).
  • Earlier this year, ByteDance’s fundraising valued it at $180 billion.
  • Price action: XIACF shares traded lower by 2.94% at $3.3 on the last check Wednesday.
 

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