(AF) TikTok parent ByteDance has shelved plans for an overseas initial public offering (IPO) indefinitely following an intervention from the Chinese government over its management of data-privacy risks, according to a report in the Wall Street Journal.
Cyberspace and securities regulators asked the company to focus on addressing security as it was mulling a listing in the US or Hong Kong, the report added, citing sources familiar with the matter. It reported that the owner of the popular short-form video app also didn’t have a chief financial officer in March, when the plans were put on hold.
The report said ByteDance had been valued at $180 billion in a funding round late last year and contrasted its cautious approach to a listing with ride-hailer Didi Chuxing, which was forced to pull its app from networks after its flotation went ahead despite warnings from regulators in Beijing.
Also on AF: Streaming Giant DouYou Exits $5.3bn Huya Merger Deal
