Money
TikTok’s owner Bytedance scraps IPO launch
TikTok parent company ByteDance has ditched plans to launch an IPO
The company isn’t planning an initial public offering anytime soon, and The Wall Street Journal has reported that such plans have been “indefinitely” shelved.
WSJ stated that the Bytdance founder Zhang Yiming made the call to delay IPO plans in March after meeting with regulators who suggested the company should focus on data security concerns.
The Beijing-based tech firm is working to ensure it meets data security requirements to meet Chinese regulations. ByteDance meets regularly with Beijing regulators about a range of issues, including data security, and the March discussions were part of that ongoing process, according to one person.
China’s crackdown on IPO launches
Companies seeking to raise capital in overseas markets are now facing greater scrutiny after China proposed new laws that will require all firms heading for an IPO outside of China to undergo a cybersecurity review. Didi had gone ahead to list in New York in June, even though Bloomberg News reported regulators asked it as early as three months ago to delay the debut. Authorities have since commenced a cybersecurity probe into the firm and removed its services from Chinese app stores.
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