ByteDance, parent company of content aggregator Jinri Toutiao and short video platform Douyin (known as Tik Tok internationally), is rumored to have closed a pre-IPO funding round valuing the company at $75 billion, reports local media.

ByteDance reportedly began financing negotiations in August. In late-September, reports began circulating claiming that the company was in talks with Softbank Group, New York-based KKR & Co., and private equity firm General Atlantic to raise $3 billion. At the time, Softbank was said to be leading the investment. However, sources now say that the amount of financing is not clear.

ByteDance is reportedly seeking a Hong Kong listing next year. In July, local media alleged that the company was pursuing a valuation of $45 billion. However, ByteDance has not publically confirmed the plans. In July, it said that it had no intentions and made no arrangments to go public.

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Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.