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Doris Yu · · 1 min readSource: ByteDance’s valuation rises to over $250b in the secondary market
“Shares of ByteDance, the Chinese parent of hit video app TikTok, are trading at a valuation of more than US$250 billion in the secondary market,” reported Bloomberg, citing people privy to the matter.
Details:
- The tech giant’s value has soared in the past weeks as investors gain confidence in the firm and its founder seeks an IPO. The firm was valued at US$140 billion after it received an undisclosed amount of funding from Tiger Global Management last year.
- It was reported earlier that ByteDance had been weighting IPOs for some of its units including TikTok’s Chinese version Douyin. However, it’s likely that ByteDance founder Zhang Yiming would pursue a whole company IPO, said one source.
Context:
- Last week, the Beijing-based firm hired Xiaomi’s Chew Shou Zi as its chief financial officer in Singapore.
- While ByteDance has received some relief from the Biden administration in the US, at home, the Chinese government has tightened its scrutiny over tech giants.
Editing by Collin Furtado and Jaclyn Tiu
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