Comprehensive M&A data with integrated detailed company information
‘Bytedance rebuffs IPO report’
Posted on Wednesday, 11 July 2018 12:59
Bytedance Technology is denying speculation sparked by the Wall Street Journal (WSJ) regarding a potential initial public offering (IPO) by telling state-backed The Paper there are no plans or arrangements for a listing, at present.
Founded in 2012, the company in question operates a range of social media content platforms, though it is perhaps best known for owning China’s largest mobile-based news and video aggregator Toutiao.
This site uses machine learning to pick relevant information to create a personal feed for individual users – based on said person’s location, smartphone model, and search history, for example.
Bytedance has carried out several acquisitions at home and abroad to plump out its portfolio, comprising several artificial intelligence-powered platforms to link people with large amounts of data.
Flipagram joined the line-up in February, followed by the November purchases of News Republic, an aggregator of online news such as current affairs and politics in China and overseas, and US video steaming platform Musical.ly.
As of March 2018, Bytedance's products were available in over 40 countries and markets, including China, Japan and South Korea, as well as the regions of North America, Europe, Latin America, Southeast Asia and India.
The start-up, which has run afoul of China’s censors and clashed with Tencent over unfair competition claims, completed a round of funding at the end of 2017 with a valuation of USD 20.00 billion.
Yesterday, the WSJ reported Bytedance is in discussions for a multi-billion-dollar IPO in Hong Kong that could value the entire company at over USD 45.00 billion while fuelling investor appetite for technology and Internet listings.
However, a source close to the situation told the newspaper the company, which earns the majority of its revenues through advertising, may delay plans until the first quarter of 2019.
© Zephus Ltd