CORPORATE GOVERNANCE

ByteDance Makes IPO progress

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ByteDance reportedly made sweeping changes to domestic IPO plans, dropping a move to separately list its Douyin video app in favour of a move involving its entire Chinese and international operations.

Caixin Global reported ByteDance hired advisers to oversee the process, and planned to file its prospectus on the Hong Kong stock exchange.

The news agency reported in 2020 ByteDance would aim to complete a listing during H1 2021.

China Securities Journal reported ByteDance had informed the Hong Kong exchange it had appointed securities underwriters, a step required as part of the IPO process.

Opposition to the TikTok variant of the video app in the US scuppered plans for a listing in the nation, Caixin Global stated, though Bloomberg reported ByteDance remained keen on such a move.

Caixin Global noted if the Hong Kong IPO proceeds as planned, ByteDance would immediately be the exchange’s third-largest business, behind Tencent and Alibaba Group respectively, assuming an overall valuation of $300 billion.

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