Beijing (PingWest)- Beijing-based ByteDance said on Friday that it was not ready to go public and it has no imminent IPO plans.
The announcement quashed market speculation that the Tiktok owner was considering a public listing.
Last week, Bloomberg reported that the company was preparing to publicly list some of its main businesses including Douyin, and ByteDance was in the process of picking between Hong Kong and the U.S as the listing exchange.
Chinese media- The China Securities Journal and Caixin also reported earlier that ByteDance would file for an IPO in Hong Kong in the near future despite both parities withdrew its stories from its website a few hours later.
ByteDance is also reportedly to raise roughly USD400 billion in the private market, the Post reported citing source closed to the matter.