ByteDance reportedly scrapped a planned IPO after meeting with Chinese officials

3 weeks ago 9

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ByteDance, the Chinese proprietor of TikTok, reportedly scrubbed plans for an offshore listing aft authorities officials asked the institution to absorption connected information information risks.

The Beijing-based tech elephantine had been weighing an archetypal nationalist offering of each oregon immoderate of its businesses successful the U.S. oregon Hong Kong, the Wall Street Journal reported connected Monday, citing radical acquainted with the matter.

ByteDance laminitis Zhang Yiming decided it would beryllium champion to postpone the planned IPO indefinitely successful precocious March aft meetings with cyberspace and securities regulators who told the institution to code information information and different issues, according to the Journal.

ByteDance had different reasons for delaying the listing, including the information that it didn't person a main fiscal serviceman astatine the time, the Journal reported. ByteDance hired Shou Zi Chew, a erstwhile enforcement astatine Chinese smartphone shaper Xiaomi, arsenic its CFO successful March, fueling speculation astir a imaginable IPO.

"We don't remark connected rumors oregon speculation," a ByteDance spokesperson told CNBC. In April, the institution said it had no contiguous plans to spell public.

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