Bytedance denies listing plan on China's new tech board

Bytedance, parent company of content aggregator Jinri Toutiao and short video app Douyin, has denied media reports of an IPO plan on the Nasdaq-style board for tech companies to be launched in Shanghai. 


File photos: VCG

China Securities Regulatory Commission on Wednesday published a guideline on implementation of a science and technology innovation board at Shanghai Stock Exchange.

The board will focus on companies in high-tech and strategically emerging sectors such as new-generation information technology, advanced equipment, new materials, new energy and biomedicine.

Media reports disclosed authorities sounded out Bytedance and hoped it could go public on the new Nasdaq-style board.

In response, the startup said media reports are “untrue.” 

Bytedance’s most recent financing round in October brought the company’s valuation to $76 billion, surpassing ride-hailing giant Uber.