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ByteDance Ltd., the Chinese owner of popular short video app TikTok, indefinitely suspended plans to register overseas earlier this year after government officials asked the company to focus on management. data security risks, people familiar with the matter said.
The Beijing-based social media giant, last valued at $ 180 billion in a December funding round, had weighed in an initial public offering of all or part of its US or Hong Kong operations , according to people familiar with the company’s plans. .
But company founder Zhang Yiming decided it would be wiser to put the plans on hold at the end of March, after meetings with cyberspace and securities regulators in which they asked the company to focus on managing data security risks and other issues, people familiar with the matter said.
The company had other reasons for delaying registration. There was no CFO at the time, a person close to the company said.
ByteDance’s cautious approach contrasts with that of Chinese ridesharing giant Didi Global Inc., which runs the country’s ubiquitous app. Didi continued with her listing plans in the United States despite suggestions from the cyberspace administration not to worry about some of her data falling into foreign hands, the Wall Street Journal reported.
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