ByteDance, which was established in 2012, has acknowledged to a report in Financial Times which revealed about the plans of the Chinese Internet startup to go public in the Hong Kong early in the first quarter of the following year. A spokesperson of the company said that there was absolutely no truth to all the rumors which they planned to list in the first quarter of Hong Kong. On the other hand, The Financial Times had reported that the ByteDance is backed by the investors like SoftBank and now it is preparing for public list through retaining the law firm named K&L Games. Besides, ByteDance is also hiring a chief legal officer to aid address the concerns by US lawmakers so that TikTok can pose the national security risks, like being compelled to change the data from the American users to the Chinese authorities. Along with hiring a chief legal officer, ByteDance is also hiring the former officials of the US.
ByteDance is now gearing itself up for IPO that began last year when it sealed a funding of $3 billion which put the valuation within $75 billion to $78 billion and made the most valuable startup in the world. The apps of ByteDance also involve Douyin which is a Chinese version of this TikTok. In addition, Toutiao, a news app as well as TopBuzz – a news aggregation app is also involved there. In the month of September, the Reuters had reported that the ByteDance made a funding within $7 billion and $8.4 billion in the revenue.