ByteDance are considering Douyin IPO in Hong Kong
Douyin and TikTok’s parent Beijing-based company ByteDance are reportedly considering taking Douyin public in Hong Kong.
Douyin is the Chinese version of TikTok from ByteDance. According to a report from 36Kr, ByteDance are supposedly in talks with banks such as Goldman Sachs to take Douyin public in Hong Kong. A source from ByteDance says the firm is taking listings for some of its business into consideration, but is yet to finalize any decisions.
In July, ByteDance were reportedly considering taking domestic business public in Hong Kong or Shanghai. This has the potential to fetch ByteDance a $100 billion valuation. ByteDance were also said to be preparing for an IPO for TikTok in Europe or the US.
Douyin competitor Kuaishou are also said to be looking to go public in Hong Kong. Kuaishou are aiming to raise $5 billion, being valued at $30bn after raising $3bn late last year in a pre-IPO round led by ByteDance competitor Tencent.
TikTok are facing continued scrutiny in the US over safety concerns. The ban was temporarily avoiced after setting up US-based TikTok Global, partly owned by Oracle and Walmart.