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ByteDance plans to IPO TikTok’s global business

China’s new tech export rules mean the sale of TikTok’s US operations require approval from Beijing. Photo: AFP. Sketched by the Pan Pacific Agency.

BEIJING, Sep 18, 2020, China Daily. To address ownership concerns, ByteDance plans to do an initial public offering of TikTok’s global business on a US stock exchange, CNBC reported on Thursday sourcing people familiar with the matter, China Daily reported.

CNBC said Oracle will own a minority stake of less than 20 percent of the new global TikTok and Walmart will also take a stake, though its size is still unknown.

Sources told CNBC the US Treasury Department sent major revisions about “security issues” on the TikTok and Oracle term sheet Wednesday night, and ByteDance has fully agreed to those revisions.

ByteDance, the parent company of TikTok, declined to comment.

Washington is expected to decide on TikTok’s fate in the US in the next 24 to 36 hours, sources told CNBC.

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