ByteDance in talks to raise $ 2 billion before listing in Hong Kong: report
ByteDance, the Chinese parent of viral video platform TikTok, is in talks to raise $ 2 billion (roughly Rs. 14.8 billion rupees) from investors ahead of a possible listing of some of its companies in Hong Kong, according to a report. .
The plan could eventually value ByteDance for a whopping $ 180 billion (roughly 13.31.3 billion rupees), Bloomberg News reported Thursday night, citing people familiar with the talks.
It could result in Beijing-based ByteDance eventually listing some of its biggest assets, such as Douyin, the Chinese version of Tik Tok, In Hong Kong.
ByteDance is currently fighting to prevent attempts by the United States to ban TikTok over national security concerns.
The ByteDance asset price could provide a major boost to the Hong Kong market, which has been hit by the US-China trade war, the coronavirus pandemic and the turbulent pro-democracy protests last year.
Beijing is pressuring its tech giants to list them on Chinese exchanges.
Hong Kong and Shanghai were put this week for the double list of Ant, the Alibaba- linked digital payment and finance provider, which would have been a world record IPO.
But He was taken in the last minute amid a growing dispute between Ant, whose majority shareholder is Alibaba’s billionaire co-founder Jack Maand Chinese regulators.
Citing fears of systemic financial risks, Beijing has imposed new restrictions on fast-growing online credit and loan products, such as those offered by Ant, in the run-up to the share issue.
It was felt that this could change Ant’s business landscape, forcing the IPO to be shelved for now.
the Triumph The administration has insisted on the need to ban TikTok, saying that it has ties to the Chinese government through ByteDance and that Beijing could obtain users’ data. The popular short video platform has 100 million users in the US.
TikTok has repeatedly denied the claim. ByteDance has avoided a ban in the country by establishing TikTok Global, which will run the US operations of the short video app and partial ownership by Walmart and Oracle.