ByteDance, TikTok’s Chinese owner, has no timetable for an IPO, Chinese news outlet LatePost reported, citing chief financial office Julie Gao, refuting speculation about an IPO by the world’s most valuable startup.
When Gao joined ByteDance in April, her arrival was taken as a sign that the firm would advance its listing plans. She had been a senior partner at US law firm Skadden, Arps, Slate, Meagher & Flom. The recent renaming of ByteDance HK Ltd. and Beijing ByteDance Technology Co. Ltd. as Douyin Group Hong Kong and Beijing Douyin Information Service Co. Ltd were also interpreted as changes in the run-up to a stock market floatation.
ByteDance unit Chairman Liang Rubo said Douyin had not met its own expectations during the past year, so it plans to boost investments in key businesses while cutting spending on non-core projects, according to the report.
The firm has no big layoffs planned for the time being, Liang said, but “business issues may not be resolved simply by recruiting more staff. It will make problems worse.”