ByteDance shelved IPO after regulators warn about data: Report
Chinese cyberspace and securities regulators asked ByteDance in March to focus on addressing data-security risks and other issues before IPOThe firm also delayed the listing because it didn’t have a chief financial officer at the time
PremiumTikTok owner ByteDance Ltd. 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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This story has been published from a wire agency feed without modifications to the text.
