ByteDance, the company behind short video app TikTok, has put the brakes on the latest rumours surrounding a Hong Kong initial public offering (IPO). The Beijing-based company called the speculation “not accurate”, in response to local media outlets.
In March, New York-based investment firm Tiger Global Management built a stake in ByteDance through the secondary market, implying a valuation of between USD 90 million and USD 100 million, KrASIA wrote.
Its flagship app TikTok, per industry data provider Sensor Tower, surpassed 2 billion downloads worldwide as of April 29 (excluding installs from third-party Android stores).
“Currently, the IPO is not pressing and we don’t have any imminent plans,” ByteDance founder Zhang Yiming said in an interview with Reuters. “But internally we are making preparations as if we’re working on an IPO.”
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.