- 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 NKE and Coca-Cola Co 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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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