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ByteDance eyes Hong Kong IPO amid China tech crackdown

What's the news?

TikTok owner ByteDance Ltd. is reviving plans to list in Hong Kong by early next year even as Chinese authorities widen their crackdown on the country’s technology companies, the Financial Times reported.The listing could take place either next quarter or in early 2022, the paper said in a report on Sunday, citing three unidentified people with knowledge of the plans.

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The Financial Times report of a revived ByteDance IPO comes at a tense time for Chinese technology firms. Last month, President Xi Jinping launched sweeping regulatory reforms targeting the $100 billion education tech sector, prompting a selloff that at one point erased $1.5 trillion from Chinese stocks.

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