BYTEDANCE Ltd. has traded in recent weeks at valuations well below US$300 billion, down at least 25% from last year after investors cashed out of the social media giant with its initial public offering (IPO) now on ice.

Investors have been buying shares in China’s biggest startup at valuations as low as US$275 billion, sources with knowledge of the deals said.

In one case, a prospective buyer negotiated the seller down to US$280 billion before eventually pulling the plug, one of the sources said. Some investors have offered as low as US$250 billion though there’s still a wide gap between many potential buyers and sellers, the sources said.

That drop came after Tiger Global Management bought additional shares in the firm last year at a blended valuation of US$460 billion, according to an investor document. ByteDance is the parent of hit video app TikTok, as well as several successful apps in China. (SD-Agencies)