ByteDance’s valuation exceeded $ 250 billion, based on the value of shares in the secondary market, according to Bloomberg. The Chinese company’s share price has risen sharply in recent weeks as investors show more interest in ByteDance’s business, and its founder Zhang Ying is considering an IPO, the agency said.
According to the analytical company CB Insights, in the last round of fundraising the company was valued at $ 140 billion a month ago, the shares were traded privately at a price that implies a business valuation of about $ 200 billion at a value of $ 250 billion ByteDance , which owns TikTok, will cost more than oil company Exxon Mobil or one of the world’s largest beverage producers, Coca-Cola.
“ByteDance is one of the few leading Chinese Internet companies that has not yet gone public, with good business growth, talent and products,” said Sean Young, managing director of Blue Lotus Capital Advisors. This is where the “hot money” will come to, he added.
Last week, the company hired former Xiaomi CFO Shaw Zi Chu, who oversaw the corporation’s IPO on the Hong Kong Stock Exchange. At ByteDance, he was hired for a similar position, which contributed to the growth of “speculation” about a possible IPO of the Chinese company, wrote Bloomberg.
Last year, the popular TikTok short video service, owned by ByteDance, came under close scrutiny by the administration of former US President Donald Trump. In August 2020, Trump signed a decree banning Americans from working with ByteDance.
The company itself was obliged to sell assets in the United States within 90 days and destroy the personal data collected by it. Among the possible options was a plan to sell American business to a group of companies led by Oracle and Walmart. In February, US authorities postponed a plan to sell part of ByteDance’s assets in the United States indefinitely.
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