TikTok owner ByteDance Ltd. is revamping strategies to get listed in Hong Kong by early next year despite China’s decision to prolong the crackdown on the country’s technology companies, reported by the Financial Times reported. The listing is probable to occur during the next quarter or in early 2022.
According to the Financial Times, the company declined to comment on this stance. China’s Business Herald also stated that ByteDance denied the report of a revived Hong Kong IPO as “untrue.”
ByteDance has been constantly working on the security grounds raised by the Chinese regulators, as reported by the Financial Times. The company is going through a sturdy review process and have submitted filings to the Chinese authorities, wherein, the final word is expected from ByteDance by September. In July, Dow Jones stated that “ByteDance put on hold indefinitely its intentions to list offshore earlier this year after government officials told it to focus on addressing data-security risks.”
President Xi Jinping launched a sweeping regulatory reform, last month for the $100 billion education tech sector, in a motive to selloff at $1.5 trillion from Chinese stocks. Since July, the Chinese government has effectually stopped listings from overseas to promote data security about the ride-hailing company Didi Global Inc.’s controversy of $4.4 billion generated IPO.
Officials also shocked investors with fresh guidelines ordering online food delivery firms to ensure that workers earn at least the local minimum wage. Last week, Tencent Holdings Ltd., China’s one of the best corporations, faced an overwhelming defeat at the stocks just after the Chinese state media ranted the “spiritual opium” of online games.