ByteDance IPO Reportedly Moves Ahead

BYTEDANCE, OWNER OF short video sharing app TikTok, looks set to be rewarded for toeing the Party line amidst the crackdown on tech.

The Financial Times reports that the company is likely to be allowed to go ahead with an initial public offering (IPO) of its shares in Hong Kong later this year or early next.

ByteDance had planned to go public in New York earlier this year but put those plans on hold when told by Chinese regulators to address data security concerns.

It has since been going through the review process and has submitted filings to authorities, the Financial Times reports. ByteDance is hoping that it will get clearance to proceed next month.

It has also denied that the Financial Times report, but with the sort of non-denial denial that suggests that it would not be politically expedient to do anything else.

Last month, Beijing indicated it would require a cybersecurity review of nearly all companies looking to list their share abroad.

Overseas listings have been frozen in effect to safeguard data security in the wake of ride-hailing app Didi Global’s controversial $4.4 billion IPO in New York that the company pushed forward in the face of official objections.

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