Some evidence shows that ByteDance might plan an IPO of its domestic business separately in Hong Kong
ByteDance (Hong Kong) Limited was renamed Douyin Group (Hong Kong) Limited, effective on May 6, according to Hong Kong corporate registry. Douyin is the Chinese version of TikTok.
Several of its subsidiaries have also been renamed as Douyin. ByteDance Limited is now called Douyin Limited, while Beijing ByteDance Technology Limited became Beijing Douyin Information Service Limited, according to Tianyancha, a platform tracking local business registrations.
ByteDance is considering an IPO for Douyin in Hong Kong by separating its domestic business as an independent unit from the overseas subsidiary, Chinese business media outlet Jiemian reported. ByteDance last year declined to comment on whether it was currently planning a public listing.
On April 25, ByteDance appointed Julie Gao, partner of the law firm Skadden, as its CFO. She has provided legal advice for more than 100 corporates on public listings and other transactions in the capital market, including Meituan, JD.com, Pinduoduo and Xiaomi.
In November 2021, Liang Rubo, ByteDance’s CEO, announced a re-organization by dividing the business into six units, namely Douyin, TikTok, Dali Education, Lark, Volcengine and Nuverse.
Of all, Douyin is responsible for the overall development of the company's domestic information and services, including Douyin, TouTiao, Xigua Video, among other vertical service sectors.
Douyin is one of the most popular apps in China, with more than 600 million daily active users. Douyin and TouTiao, a user-generated content creation platform, contribute most of ByteDance’s revenue in China, says ByteDance.