Ultimately, TikTok remained in Chinese hands.Īccording to financial data released by the privately held firm, last year ByteDance made 236.6 billion yuan ($36.5 billion) in revenue, a year-on-year increase of 111%. The move left ByteDance squeezed between two administrations, and effectively meant Beijing would have to sign off on any ByteDance stake sale. Around the same time, China’s commerce and technology ministries revised the catalog of technologies subject to export bans or restrictions, adding “personalized information push service technology based on data analysis” and “artificial intelligence interactive interface technology” - two technologies central to TikTok.
operations to Microsoft to avoid a regulatory crisis. In August 2020, when it was being targeted by the Trump White House, ByteDance planned to sell its U.S. Unlike Didi Chuxing, which collects domestic data, TikTok’s status as a global phenomenon makes its position particularly precarious. and Europe toward cross-border data flows that could limit the global expansion of China’s tech firms. Insiders and experts say ByteDance’s cautious approach reflects the regulatory complexity in China, the U.S. He did not say whether he would remain CEO, nor specify what form his new role would take, but hinted that he may focus on social impact. Zhang said in a statement that he would remain at ByteDance and focus on “longer-term initiatives” after stepping back from day-to-day responsibilities. Then, at midnight on April 23, the firm released a brief statement: “After a thorough study, we believe the company currently doesn’t meet the conditions for a public listing.”Ī month later, ByteDance CEO Zhang Yiming announced he was stepping down from his role. Chew oversaw Xiaomi’s IPO as its chief financial officer in 2018.īyteDance was oddly quiet about the rumors. That came a month after the firm fueled speculation when it snagged the head of smartphone giant Xiaomi Corp.’s international business, Chew Shou Zi, to become its chief financial officer.
financial markets amid ongoing political tensions with China. The firm, with a private valuation of some $300 billion, was going to shun the U.S. In early April, Caixin reported that ByteDance planned to submit an application to the Hong Kong Stock Exchange to list in the second quarter. And users are spending far more on its short-video platforms than ever before. to surpass 3 billion downloads globally.Īmong Chinese firms, ByteDance is now second in private valuation only to Ant Group, the fintech giant that saw its IPO knocked on the head last year over financial risk concerns. The company is best known for global sensation TikTok, which this week became the first app not owned by Facebook Inc.
On Friday, markets were chilled by news China’s powerful Ministry of State Security, alongside six other government agencies, had stationed investigators inside the company in order to probe potential cybersecurity risks.īut as the fallout continues, questions are swirling about another giant company which pulled its IPO earlier this year: ByteDance Ltd. Several data-rich Chinese firms have now suspended their planned overseas listings after the national security probe of Chinese ride-hailing giant Didi was announced this month.
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