(Yicai Global) July 11 -- Bytedance Technology, the firm behind popular Chinese news aggregator Jinri Toutiao, has once again denied rumors which say that it is preparing for an initial public offering despite its master plan to shift more of its user base abroad.
Bytedance Technology does not have plans to get listed, the Beijing-based company told state-backed The Paper yesterday. The firm's Chief Executive Zhang Yiming said in March that the company plans to have half of its users overseas by 2020. Bytedance Technology's most popular application in China, Tik Tok, has 150 million daily active users as of last month.
Market insiders said that the company has started negotiations with investment banks ahead of an IPO in Hong Kong with a valuation of USD45 billion, The Wall Street Journal reported today. This would add another USD10 billion in valuation to similar IPO-related allegations last month.
Bytedance Technology, founded in 2012, owns a host of hit applications, such as lip sync platform Musical.ly, as well as news aggregators Flipagram and News Republic. The Chinese firm operates in foreign markets including Japan, South Korea, Brazil, and the US.
Editor: Emmi Laine