TikTok owner targets IPO in 2022 despite Beijing’s major crackdown on Chinese Big Tech – reports
ByteDance, the Chinese owner of short video platform TikTok, is reportedly planning to go public as early as next year, after addressing concerns over data security raised by China’s state regulators.
The Chinese multinational is expected to list in Hong Kong either in the fourth quarter of the current year or in early 2022. In December, the company managed to raise nearly $5 billion at a $180-billion valuation.
After shelving plans for the overseas listing this year, the group had to provide more details to China’s regulatory authorities on how it collects, stores and uses the personal data of consumers.Also on rt.com China’s national fitness investment plan boosts domestic sports stocks
“We are expecting final guidance from ByteDance in September. They are submitting all the filings with Chinese authorities right now and are going through the review process,” an unnamed person familiar with the issue told FT.
Chinese officials have dialed up their clampdown on technology-focused businesses as part of the government’s broad agenda to increase national security. The country’s largest tech groups have come under scrutiny for alleged violations of data security and monopoly laws.
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