ByteDance gearing up for HK IPO

ByteDance could start preparing some of its main assets, including Douyin and Toutiao, for an initial public offering in Hong Kong with a valuation of about HK$780 billion after a new financing round, reports say.

ByteDance is in discussions over a US$2-billion (HK$15.6-billion) financing round before listing some of its businesses in Hong Kong, people familiar with the matter said, as talks over a sale of TikTok to Oracle and Walmart stall.

The TikTok owner is in talks with a group of investors including Sequoia over funding that would boost its valuation to US$180 billion, the people said.

ByteDance and Sequoia had no comment.

ByteDance wants to list in Hong Kong and is considering listing its non-Chinese business in the United States or Europe.

Sunac Services, a spin-off by Sunac China (1918), has passed a hearing and plans to raise US$1 billion.

It will open its retail book next Monday with a minimum investment of HK$12,777.5 for one board lot. The initial public offering price is between HK$10.55 and HK$12.65.

Meanwhile, China-based Walvax Biotechnology plans to list on Hong Kong Stock Exchange next year to raise US$1 billion, reported IFR Reuters.

Founded in 2001, the company engages in research and development, production and sales of bio-medicine products.