ByteDance has begun preparations for the IPO of some of its main activities, including the most popular video platform in China, Duen, for public offering, according to informed sources.
The Beijing-based startup is working with advisors to arrange the IPO procedures, while it is still choosing between listing on the Hong Kong Stock Exchange, or US stock exchanges. The company is also studying the inclusion of its main domestic assets such as the “Doyn” platform, the news service “Tutiao” and the video platform “Shigua” within the subscription, according to the informed sources, who confirmed that the “TikTok” platform may be included in a separate list that includes external assets.
ByteDance may collect several billion dollars from offering its local assets inside China for subscription, according to sources who requested anonymity due to the privacy of the deliberations, while confirming that the size of the subscription may change, because negotiations are still at an early stage. A ByteDance representative did not immediately respond to requests for comment.
According to the sources familiar with the negotiations, ByteDance is estimated to be worth more than $ 250 billion according to the share price of the IPO deliberations, making it the largest startup in the world in terms of value.
ByteDance last month appointed Qiu Shuzi as the company’s first CFO, who was the chief financial officer of Xiaomi and oversaw the public offering of its shares more than two years ago, which raised expectations about the social media giant’s plans to float shares. The company goes public.