TikTok parent firm, ByteDance Grooves towards Public markets

China’s ByteDance is giving off some serious vibes ahead of its hotly anticipated initial public offering. The outfit behind viral video app TikTok has snapped up a local video-games studio less than a month after it bought another rival valued at a mooted $4 billion. It shows boss Zhang Yiming is serious about expanding into the sector, dominated by $750 billion Tencent.

This comes as the SoftBank-backed group gears up for its blockbuster stock-market debut. Last month, ByteDance poached a top executive from handset-maker Xiaomi to be its chief financial officer. Despite geopolitical snags including Washington’s chaotic campaign to force a sale of TikTok’s U.S. business in 2020, ByteDance’s valuation has tripled in a year to a whopping $300 billion, based on stock options granted to employees, according to Reuters. For Zhang and his investors, that’s a tune they can dance to.

By Robyn Mak – Reuters

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