ByteDance Ltd – the owner of TikTok – has indefinitely delayed plans for an overseas initial public offering (IPO).
TikTok – known as Douyin on the mainland – has more than 700 million active users globally and is the seventh most popular social media platform in the world. About half of the application’s users are under the age of 34 and it is the third most popular application in Cambodia in Apple’s App Store and the Google Play Store, according to Datareportal.
The company is said to have been seeking a US listing since last year when former US President Donald Trump threatened to pull the platform because of privacy concerns.
“Data is at the heart of it [the dispute],” Bloomberg New Economy Editorial Director Andy Browne said after ByteDance met with Chinese officials to discuss its data security.