ByteDance, the Chinese company that operates the short video platform TikTok, plans to go public next year, despite Beijing’s heavy crackdowns on large domestic tech companies, it reports. The Financial Times.
The Beijing-based multinational is expected to go public in Hong Kong in the fourth quarter of this year or early 2022 “despite a growing regulatory assault aimed at Chinese technology companies, “the media details, citing three people with knowledge of the company’s projects.
After shelving plans for overseas listing this year, the group had to provide more details to China’s regulatory authorities on how it collects, stores and uses users’ personal data.
“We expect a final guide from ByteDance in September. They are submitting all the documents to the Chinese authorities at this time and are going through the review process,” an anonymous source told the outlet.
Chinese officials have stepped up their crackdown on tech-focused companies as part of the government’s broad agenda to increase national security. The nation’s largest tech groups have come under scrutiny for alleged violations of data security and monopoly laws.
ByteDance was valued at $ 180 billion in a fundraising round at the end of 2020. The fortune of its president, Zhang Yiming, is estimated at 35.8 billion dollars, according to the list of billionaires in real time from Forbes.