TikTok owner ByteDance may reportedly scrap plans for a blockbuster global IPO and just list its Chinese business at home instead

Reuters File Photo

• TikTok owner ByteDance is considering scrapping a global IPO in favor of a listing of just its Chinese business, Reuters reported Friday.
• The tech giant was initially planning a blockbuster IPO in New York or Hong Kong.
• Tensions between US and China are growing, and the US is exploring ending a 2013 auditing agreement with China, which would make it harder for Chinese companies to list in the US. 
• ByteDance has been in talks with Hong Kong Exchanges and Clearing (HKEX), two people told Reuters. 
• Visit Business Insider's homepage for more stories.

TikTok's Chinese parent company ByteDance is reportedly shelving initial plans to list its whole business in a blockbuster IPO, and is now considering just listing its China business closer to home in Hong Kong or Shanghai, Reuters reported Friday. 

The reported shelving of the global IPO, which was slated to take place in New York, comes as tensions between the US and China flare, and Washington considers banning TikTok on security grounds.

See the rest of the story at Business Insider

NOW WATCH: What it takes to be a PGA Tour caddie

See Also:

• Warren Buffett's $800 million bet on Bank of America is almost a guaranteed winner, Berkshire Hathaway investor Bill Brewster says
• Warren Buffett's Apple bet ranks among the 'best investments ever,' Berkshire Hathaway shareholder Bill Brewster says
• Warren Buffett dumped the 'Big 4' airlines in April. Their massive losses last quarter show what he was worried about.

from Feedburner https://ift.tt/33cka23
via IFTTT