ByteDance mulls listing Douyin in New York – SCMP

Beijing ByteDance Technology Co. Ltd. is in preliminary talks to list its Chinese short-video app Douyin in New York, South China Morning Post reported Feb. 16, citing a source familiar with the plan.

A New York listing for Douyin would reportedly mark the first initial public offering in the U.S. by a Chinese social media company. The plan gained traction with ByteDance investors after U.S. President Joe Biden's inauguration, the source told SCMP.

The potential listing may reportedly help set a different tone in U.S.-China relations, especially following the Biden administration's move to "shelve" a forced sale of the U.S. operations of TikTok Inc., Douyin's sister app, in light of a widescale review.

Douyin can then proceed to a secondary listing in Hong Kong, following similar moves by companies such as Alibaba Group Holding Ltd., JD.com Inc. and NetEase Inc., according to the report.

Analysts earlier said Douyin's dominant market position and share of advertising revenue make the app fit to go public first among ByteDance's products.

TikTok's rival Kuaishou Technology recently went public in Hong Kong, raising about $5.32 billion in net proceeds.