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ByteDance Kicks Off IPO Prep for Its Flagship Domestic Assets

April 16, 2021 10:46 pm

Beijing (PingWest)—ByteDance, the parent company of TikTok, reportedly has kicked off preparations for its initial public offering.

The Beijing-based startup is working with advisers on the offering and is choosing between Hong Kong and the US as the listing venue, Bloomberg reported, citing people familiar with the matter. 

The company is considering including its flagship domestic assets such as Douyin, news aggregator Toutiao and video platform Xigua in the offering. TikTok will likely be part of a separate listing that involves overseas assets, said the report.

Sources told Bloomberg that ByteDance could raise at least several billion dollars from a listing of the Chinese assets, although the size could still change as deliberations are at an early stage.

Last month, the company hired Chew Shou Zi, who oversaw Xiaomi's IPO as finance chief more than two years ago, as its first chief financial officer. The appointment has fueled speculation over the social media giant’s plans to go public.

Citing unidentified sources, financial news outlet Caixin reported Wednesday that the startup plans to file a prospectus for a Hong Kong IPO in the second quarter.