INSUBCONTINENT EXCLUSIVE:
ByteDance has responded to a report in the Financial Times that said the Chinese internet startup plans to go public in Hong Kong as early
as the first quarter of next year
“There is absolutely zero truth to the rumors that we plan to list in Hong Kong in Q1,” said a spokesperson for the company, the owner
of TikTok.The Financial Times reported that ByteDance, which was founded in 2012 and is backed by investors including SoftBank, is preparing
for a public listing by retaining law firm K-L Gates and hiring a chief legal officer and former U.S
officials to help address concerns by U.S
lawmakers that TikTok can pose “national security risks,” such as being compelled to turn over data from American users to Chinese
authorities.Speculation that ByteDance is gearing up for an IPO started last year when it closed a $3 billion funding round that put its
valuation between $75 billion to $78 billion, making it the world’s most valuable startup.ByteDance’s apps also include Douyin, the
Chinese version of TikTok, news app Toutiao and TopBuzz, a news aggregation app for the U.S
market that the Financial Times reports it is planning to sell as it prepares for an IPO.In September, Reuters reported that ByteDance had
made between $7 billion and $8.4 billion in revenue for the first half of the year and had posted a profit in June.
