TikTok plans to go public separately in Hong Kong
International Business News (May 8) found from the website of the Hong Kong Companies Registry that ByteDance (Hong Kong) Co., Ltd. has changed its name to Douyin Group (Hong Kong) Co., Ltd., effective May 6, 2022.
At the same time, several other companies under ByteDance have also changed their names to “Douyin” one after another. According to Tianyancha, ByteDance Co., Ltd. changed its name to Douyin Co., Ltd.
On China’s national enterprise credit information publicity system, Beijing ByteDance Technology Co., Ltd. has also changed its name to Beijing Douyin Information Service Co., Ltd.
These successive moves are believed to be the reason the company is reconsidering to list its domestic businesses such as Douyin independently as Douyin Group in Hong Kong.
Another important signal that ByteDance is about to launch its IPO plan comes from the fact that shortly before, on April 25, ByteDance appointed a new Chief Financial Officer (CFO) in the person of Julie Gao, a senior partner at Seda International Law Firm.
Since ByteDance announced in November last year that TikTok CEO Zhou Shouzi would no longer serve as ByteDance CFO, the position has been vacant for five months. In March 2021, ByteDance appointed Zhou Shouzi, who is based in Singapore, as ByteDance’s CFO. This was regarded by the outside world as an important node for ByteDance’s upcoming IPO. At that time, it also coincided with Kuaishou, another domestic short video giant. Listed in Hong Kong soon.
However, with the changing situation, just one month after Zhou Shouzi took office, on April 23, 2021, Byte responded in the official headline, “After careful research, it is believed that the company does not have the conditions for listing, and there is currently no listing. plan”.
Newly-appointed CFO Julie Gao is currently based primarily in Hong Kong and Singapore.
TikTok’s capital market road is the next story worth looking forward to by ByteDance. In overseas markets, after experiencing multiple challenges, TikTok is still developing rapidly, and it has already acquired over 1 billion monthly active users.
On the commercial side, market research firm Insider Intelligence recently released a forecast that TikTok’s ad revenue will triple this year to nearly $12 billion, more than Twitter and Snapchat combined, and they believe that by 2024 The annual meeting will overtake YouTube.