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szdaily -> Markets -> 
ByteDance in early talks to list Douyin in HK
    2020-10-27  08:53    Shenzhen Daily

TIKTOK owner ByteDance is in discussions internally and with investment banks to list its Chinese short video app Douyin in Hong Kong, according to two people familiar with the situation.

ByteDance has discussed internally about the potential scenario and its representatives have met several investment banks in recent weeks to talk about such a possibility for Douyin, one of the people said, adding that the talks are very preliminary.

TikTok is not available in China and Douyin is TikTok’s Chinese counterpart.

Investment banks have been doing research and analysis about a standalone initial public offering for Douyin, according to the second person.

A ByteDance spokeswoman declined to comment on behalf of the company and Douyin. The people declined to be named as the information isn’t public.

Reuters reported in July that ByteDance studied the possibility of listing its China business, including Douyin, in Hong Kong or Shanghai’s STAR Market, against a backdrop of rising Sino-U.S. tensions over its hit non-China video app TikTok.

ByteDance has been under pressure in the United States to sell the popular app’s U.S. arm. The White House contends that TikTok poses “national security” concerns. People briefed on the matter do not expect any final agreement on TikTok before the U.S. election.

U.S. District Judge Carl Nichols in Washington issued a preliminary injunction Sept. 27 that barred the U.S. Commerce Department from ordering app stores to remove the Chinese-owned short video-sharing app for download by new users.

Douyin, where users watch and upload short videos, is hugely popular in China. Douyin said it amassed 600 million daily active users as of August.

ByteDance’s other operations include news aggregator Jinri Toutiao, work collaboration tool Feishu and video-streaming app Xigua. (SD-Agencies)

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