Chinese tech group Bytedance plans IPO —Financial Times
What happened: ByteDance, the parent company of Jinri Toutiao and Douyin AKA Tik Tok, is likely to seek funding on public markets next year. The reason behind this, according to FT sources, is that government crackdowns on content this year killed the company’s fundraising round that would have valued it at up to $45 billion, more than twice its then-valuation of $20 billion.
Why it’s important: Rumors on ByteDance’s listing have been around since July when local media published that the company is seeking a Hong Kong IPO that may value it at over $45 billion. The company has denied the reports. ByteDance did, however, present a new official website at the time. The firm’s troubles with authorities are also well-known but the latest news that Bytedance is relaunching a version of its banned joke app Neihan Duanzi under the name of Pipixia might encourage investors.