TikTok-owner ByteDance is in talks and with investment banks to record its Chinese brief video app Douyin at Hong Kong, based on two people familiar with this situation.
ByteDance has discussed internally about the possible scenario and its agents have met several investment banks lately to speak about such a possibility for Douyin, among those folks said, adding that the talks are extremely preliminary.
TikTok is not available in China and Douyin is TikTok’s Chinese counterpart.
Investment banks have been performing analysis and research about a standalone IPO to get Douyin, as stated by the second individual.
The people declined to be named as the info is not public.
Journalists at our partner news agency Reuters reported in July that ByteDance studied the possibility to record its China business, such as Douyin, in Hong Kong or Shanghai’s STAR Board, against a backdrop of rising Sino-US worries on its hit non-China video app TikTok.
ByteDance has been under pressure in the United States to sell the favourite app’s US arm. The White House asserts that TikTok poses national security concerns as personal data collected on 100 million Americans who use the app could be obtained by China’s government. People briefed on the matter do not expect any final agreement on TikTok before the election, we have reported.
US District Judge Carl Nichols in Washington issued a preliminary injunction on September the 27th that barred the US Commerce Department from ordering app shops to eliminate the Chinese-owned short video-sharing app for download by new users.
Douyin, where consumers watch and upload short videos, is enormously popular in China. Douyin said it gathered 600 million each day active users as of August.
The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Yingzhi Yang in Beijing and Brenda Goh in Shanghai. Editing by Himani Sarkar and Muralikumar Anantharaman.
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