Sources: Financial Times
ByteDance, a Chinese company which owns China’s most popular news aggregator Jinri Toutiao and video sharing platform Douyin Tik Tok, is seeking funding on public markets next year, reported the Financial Times citing people familiar with the matter.
The company’s plan comes after the 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, according to the report.
Rumors on ByteDance’s listing have been around since July when local media reported that the company is seeking a Hong Kong IPO that may value it at over $45 billion, however company has denied the reports. ByteDance did, however, present a new official website at the time.
In addition, the Beijing-based company has kicked off an equity-fundraising round that could value the company at as much as $75 billion, reported the Wall Street Journal.
The company is aiming to raise around $3 billion, according to people familiar with the matter. That amount could change and there is no guarantee Bytedance will achieve its targeted valuation, according to the report.