TikTok parent company ByteDance is planning to list in Hong Kong, according to sources reported by The Financial Times.

The news comes after a continuing regulatory crackdown on Chinese tech giants.

Founder of internet group Tencent, Pony Ma, recently lost more than $12 billion from his net worth after a government statement called online gaming “spiritual opium”.

The Beijing-based ByteDance plans to list in the fourth quarter of this year or early 2022 according to The Financial Times sources.

The sources also claimed Bytedance was working on addressing the data security concerns expressed by US and Chinese regulators.

However, sources also told Reuters that reports of an upcoming listing were not accurate.
TikTok currently has about 1.9 billion active monthly users, and more than doubled its revenue - 111 per cent – to $34 billion during its last financial year.

In the UK, TikTok for Business claims that one in four Britons use TikTok every month, and 17 million spend over an hour a day on the app.

In May, TikTok appointed Chew Shou Zi, previously president of Chinese smartphone maker Xiaomi, as its newest chief executive.

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