TikTok’s Owner Bytedance Has Given Up On Going Public

TikTok’s owner Bytedance has given up on going public. The company refrained from investigations into China.

ByteDance, one of the world's leading social media companies, announced that it has completely shelved its overseas public offering plan. ByteDance, the owner of TikTok, canceled its overseas IPO plan in March, taking into account the Chinese government's warning to focus on data security, not the overseas public offering. The company was valued at around $180 billion in funding in December. Another Chinese company, Didi, faced intense pressure after its IPO, for not heeding the Chinese government's warnings. Beijing-based LinkDoc Technology has shelved its IPO plan in the US after China launched investigations against technology companies that went public abroad. Morgan Stanley, Bank of America, and China International Capital Corp would mediate LinkDoc's IPO, and the company was targeted to raise up to $211 million in investment. China's cybersecurity regulator has launched an investigation into Didi, which was offered to the public in the US recently, for data security risk, national security, and protection of public interest, and demanded that the application be removed from virtual shops.     This article has been contributed by Bloomberg HT.