TikTok suspends the overseas public offering process

According to the news of the Wall Street Journal, ByteDance, one of the most known social media companies in the world, has completely suspended its overseas public offering plan. According to the news based on sources close to the subject, ByteDance, the owner of Tiktok, suspended its overseas public offering plan in March, taking into account the Chinese government’s warning to focus on data security, not public offering.

The company was valued at around $180 billion in funding in December. Another Chinese enterprise, Didi, faced intense pressure after the IPO for not heeding the Chinese government’s warnings.

In the news, it was emphasized that the Chinese government was not the only reason for ByteDance to postpone its IPO plan, but there were also different reasons.

Source: Dünya Gazetesi by www.dunya.com.

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