The Business Times

ByteDance shelved IPO after Chinese regulators warn about data

Published Mon, Jul 12, 2021 · 05:14 PM

[SHANGHAI] TikTok owner ByteDance put on hold indefinitely its intentions to list offshore earlier this year after Chinese officials told the company to address data-security risks, Dow Jones reported.

Founder Zhang Yiming decided to shelve plans for a potential IPO in late March after meetings with cyberspace and securities regulators, where the company was asked to focus on addressing data-security risks and other issues, the news agency reported, citing people familiar with the matter. The firm also delayed the listing because it didn't have a chief financial officer at the time, according to the report.

The Cyberspace Administration of China and the China Securities Regulatory Commission didn't respond to Dow Jones's requests for comment.

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