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Deepti Sri · · 1 min readReport: ByteDance halts mammoth listing in Hong Kong amid Chinese clampdown
“ByteDance, the Chinese owner of popular short-video app TikTok, put on hold indefinitely its intentions to list offshore earlier this year after government officials told the company to focus on addressing data security risks,” reported The Wall Street Journal, citing people familiar with the matter.
Details:
- While Chinese regulators never called outright for a delay, they pressed the company for details on how it collects, stores, and manages data.
- ByteDance also reportedly attributed other reasons for the holdup, such as the absence of a chief financial officer and concerns over the regulatory environment.
Dive deeper:
- The move comes amid ByteDance’s expansion plans into the edtech industry as the company aims to become one of the most powerful players in the entertainment and digital content space. (Read: ByteDance’s 10,000-employee bet on the tech bubble)
- In April, the company reportedly submitted a letter to the Hong Kong Stock Exchange indicating that it was seeking underwriters for a listing. (Read: The leading Asian tech players eyeing an IPO in 2021)
Editing by Miguel Cordon and Jaclyn Tiu
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