26 Oct 2020
According to the latest reports, Internet company ByteDance will be listing its Chinese short-video application Douyin in Hong Kong.
The Chinese app has around 600 million daily active users. ByteDance declined to give any extra information about the report.
Approximately, 41.7 billion yuan were made by 22 million creators through Douyin. This amount is set to double reaching 80 billion yuan throughout 2021 – the firm stated.
The firm is now in discussions internally and with investment banks to list its Chinese short video app in Hong Kong, with several talks already been made.
ByteDance is also the parent firm of TikTok, and since TikTok is not available in China, Douyin is TikTok's Chinese counterpart.
A Reuters report suggested that as a result of the tensions between the U.S. and China, ByteDance started looking to list its China business in Hong Kong or Shanghai's STAR Board.
The U.S. and China argued over TikTok’s privacy, after Washington claimed that the app threatens national security. TikTok was then forced to sell its U.S. arm in order to continue running in the nation.
Video creators or bloggers earn money through such apps by advertising and livestreaming sales.