ByteDance Said to Be in Early Talks to List Its Short Video App Douyin

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TikTok-owner ByteDance is in discussions internally and with funding banks to checklist its Chinese language quick video app Douyin in Hong Kong, in accordance with two individuals conversant in the state of affairs.

ByteDance has mentioned internally in regards to the potential state of affairs and its representatives have met a number of funding banks in latest weeks to speak about such a chance for Douyin, one of many individuals stated, including that the talks are very preliminary.

TikTok isn’t accessible in China and Douyin is TikTok’s Chinese language counterpart.

Funding banks have been doing analysis and evaluation a few standalone IPO for Douyin, in accordance with the second individual.

A ByteDance spokeswoman declined to touch upon behalf of the corporate and Douyin. The individuals declined to be named as the data is not public.

Reuters reported in July that ByteDance studied the likelihood to checklist its China enterprise, together with Douyin, in Hong Kong or Shanghai’s STAR Board, in opposition to a backdrop of rising Sino-US tensions over its hit non-China video app TikTok.

ByteDance has been below stress in the US to promote the favored app’s US arm. The White Home contends that TikTok poses nationwide safety issues as private knowledge collected on 100 million People who use the app could possibly be obtained by China’s authorities. Folks briefed on the matter don’t count on any last settlement on TikTok earlier than the election, Reuters has reported.

US District Decide Carl Nichols in Washington issued a preliminary injunction on September 27 that barred the US Commerce Division from ordering app shops to take away the Chinese language-owned quick video-sharing app for obtain by new customers.

Douyin, the place customers watch and add quick movies, is massively fashionable in China. Douyin stated it amassed 600 million day by day energetic customers as of August.

ByteDance’s different Chinese language operations embrace information aggregator Jinri Toutiao, work collaboration software Feishu and video-streaming app Xigua.

© Thomson Reuters 2020

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