- TikTok and Douyin parent, ByteDance, has dismissed its initial public offering (IPO) plans, for the time being, South China Morning Post reports.
- ByteDance reached a $400 billion valuation in the private market, almost tripling its $140 billion valuation post a March 2020 fundraising. The company deferred its IPO plan partly due to difficulties in business restructuring under the Chinese and U.S. regulations.
- TikTok position in the U.S. remained undecided after ByteDance ditched a deal to sell TikTok’s U.S. operations to an Oracle Corp ORCL-led group.
- TikTok continues to face uncertainty under President Biden as he offers a second look at the security concerns raised by Chinese CFO apps operating in the U.S.
- ByteDance was reportedly under initial discussions for a U.S. listing via Douyin shares.
- Last week, Bloomberg reported the company’s IPO preparations of some of its main businesses, including Douyin, including its options between Hong Kong and the U.S.
- Several sources reported the company’s preparations for a Hong Kong listing. However, the news was pulled subsequently.
- Douyin reported 600 million daily active users as of August 2020. TikTok, along with 689 million global daily users, accounted for $1 billion to ByteDance’s 2020 revenue of $37 billion.
- Chinese short video app, Kuaishou’s share price has nearly tripled on its first trading day in February. The company reached almost 1 trillion yuan in market cap as of Friday.
- Last month, ByteDance hired former Xiaomi Corp XIACF XIACY executive Shou Zi Chew for a newly-created CFO role, insinuating towards the IPO.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.