BEIJING/HONG KONG: Chinese tech giant ByteDance is considering listing its domestic business in Hong Kong or Shanghai, people familiar with the matter told Reuters, against a backdrop of rising Sino-U.S. tensions over its hit non-China video app TikTok.
Reuters previously reported China accounts for the bulk of ByteDance revenue, which one source said was around US$16 billion in 2019. Plans may also be complicated by some heavyweight ByteDance investors looking to take over TikTok at a valuation of US$50 billion. TikTok faces pressure from U.S. regulators who have spoken about banning the app, or requiring ByteDance to sell it, over suspicions Beijing could force its owner to turn over data on U.S. users.
ByteDance was valued at as much as US$140 billion earlier this year when one of its shareholders, Cheetah Mobile , sold a small stake in a private deal, Reuters has reported. Some of the company's other overseas apps include work collaboration tool Lark and music streaming app Resso.