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Is TikTok Sister App in China Douyin About to Go Public?

By Ding Yi / Apr 01, 2021 05:51 PM / Finance

Photo: VCG

Photo: VCG

Chinese tech unicorn ByteDance is mulling listing its TikTok twin app Douyin offshore, according to Reuters, as the aborted Ant Group’s blockbuster IPO in Shanghai has given investors the jitters.

The Beijing-based company is in talks over the feasibility of listing the shares of Douyin in either New York or Hong Kong, Reuters said on Wednesday, citing sources with knowledge of the issue.

A ByteDance representative did not respond to Caixin’s request for comment on the news.

The Reuters report appears to add fuel to speculation about Douyin’s IPO plan that intensified in February, when the South China Morning Post quoted sources as saying that its parent company was looking to raise capital by listing Douyin, with more than 600 million daily active users as of August 2020, in New York.

In February, Douyin’s domestic archrival, Kuaishou, went public on the Hong Kong Stock Exchange, with its shares nearly tripling on the first day of trading in a clear indication of investors’ voracious appetite for the company’s offering.

According to Reuters, ByteDance has also been considering listing some of its Chinese businesses including the news aggregator Jinri Toutiao in Hong Kong or on Shanghai’s Nasdaq-style STAR Market.

The Reuters report came just a week after Shou Zi Chew, who oversaw Xiaomi’s IPO as its chief financial offer in 2018, made public his appointment as ByteDance’s chief financial officer, signaling that an IPO by the TikTok owner could be drawing nearer.

However, the sources told Reuters that the suspension of Ant Group’s IPO has cast a shadow over the prospect of a Shanghai IPO for ByteDance, which was one of the tech firms that Chinese regulators courted for years for a potential stock sale on the city’s STAR Market.

Contact reporter Ding Yi (yiding@caixin.com)

Related: ByteDance Hires Xiaomi Executive Chew Shou Zi as CFO, Fuels IPO Speculation


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