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ByteDance, the Chinese owner of TikTok, reportedly cleaned up plans for an offshore listing after government officials urged the company to focus on data security risks.
The Beijing-based tech giant had weighed an IPO of all or some of its businesses in the US or Hong Kong, the Wall Street Journal reported on Monday, citing people familiar with the matter.
ByteDance founder Zhang Yiming decided it would be best to postpone the planned IPO indefinitely in late March after telling the company to deal with data security and other issues after meeting with cyberspace and securities regulators, so the journal.
ByteDance had other reasons for the listing being delayed, including the fact that there was no CFO at the time, the Journal reported. ByteDance hired Shou Zi Chew, a former executive at Chinese smartphone maker Xiaomi, as CFO in March, fueling speculation about a possible IPO.
“We don’t comment on rumors or speculations,” a ByteDance spokesman told CNBC. In April, the company announced that it had no immediate plans to go public.