Bytedance combats rumours over potential HK listing plan
Chinese internet technology firm calls media report of US$45 billion Hong Kong IPO in Wall Street Journal 'fake news'
Bytedance, a Chinese Internet technology company that owns Toutiao, moved quickly to quash rumours of impending listing plans, insisting the company does not have any particular schedule for going public, The Paper reported.
After the company made the clarification, the Wall Street Journal quoted people familiar with the matter as saying that Bytedance is negotiating with an investment bank and is considering an IPO in Hong Kong this year with a valuation of US$45 billion.
However, the company later reaffirmed its stance toward the issue, saying that the report is a “fake news.”
Founded in 2012, Bytedance is one of the first companies to apply artificial intelligence technology to information distribution on a large scale.
Its main product, Toutiao, is a personalized information recommendation engine based on machine learning technology.