Beijing-based ByteDance is considering a public listing of Douyin, the domestic version of TikTok, as an independent entity in Hong Kong, as its biggest rival Kuaishou is reportedly also mulling an IPO at the bourse. The tech giant has been in talks with several investment banks including Goldman Sachs as underwriters, local tech media outlet 36Kr reported on Monday. ByteDance responded to 36Kr that the company is considering to spin off some businesses for standalone listings, but that has yet to be finalized.
In July, Reuters reported that ByteDance was preparing an IPO of its domestic business in Hong Kong or Shanghai, with a valuation of more than USD 100 billion and against the backdrop of China-US tensions over its viral app TikTok. Last month, Kuaishou reportedly hired Bank of America and Morgan Stanley for its Hong Kong IPO and it is seeking to go public as soon as the first quarter next year.
Douyin revealed in August that its daily active users (DAUs) surpassed 600 million, while Kuaishou claimed that its DAUs have hit 300 million at the beginning of this year.