ByteDance to list its China businesses in Hong Kong or Shanghai

On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions.

The company's standalone listing in Hong Kong or Shanghai might value its China businesses to more than $100 billion.

According to a reliable source, ByteDance would research more options to list its small non-China businesses in Europe or the United States. It also includes TikTok that was permanently banned in China due to the alleged threat to the country's sovereignty and security.

"I can confirm that the Chinese government has never made a request to us for the TikTok data of Indian users. If we do receive such a request in the future, we would not comply." ByteDance's Chief Executive Officer Kevin Mayer stated.

According to Reuters, the Beijing-based company was recently valued to $140 billion earlier this year.

31.07.2020
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