BUSINESS ByteDance weighs listing Chinese short video app Douyin in Hong Kong

BUSINESS

ByteDance weighs listing Chinese short video app Douyin in Hong Kong

CGTN

18:13, October 26, 2020

A man passes an advertisement for Douyin in Shanghai. (File photo: China Daily)

ByteDance is in early stage talks to list its Chinese short video app Douyin in Hong Kong, Reuters reported on Monday.

ByteDance said it's considering listing some of its businesses in Hong Kong, but no final decision has been made, in a response to CGTN.

The company is exploring possibilities with investment banks about a standalone IPO for Douyin, according to Reuters.

Douyin is the flagship product of ByteDance. Launched in September 2016, Douyin allows users to create short music videos and is especially popular among young users. As of August this year, Douyin has more than 600 million daily active users.

SensorTower data showed that in August this year, the revenue of Douyin and TikTok, the international version of Douyin in the Apple and Google app stores was 6.3 times that of August last year.

TikTok has been under pressure this year as the U.S. and India issued a ban over alleged national security concerns. The U.S. in August ordered ByteDance to divest its interest in its U.S. TikTok operations within 90 days.

U.S. District Judge Carl Nichols in late September issued a preliminary injunction to prevent the TikTok app store ban from taking effect.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue