Chinese app developer ByteDance, the owner of content aggregator Jinri Toutiao and short video platform Douyin, or Tik Tok, has completed another funding round ahead of an upcoming initial public offering that values the firm at $75 billion, according to TechNode.
The Beijing-based company began the financing negotiations in August, with investors believed to include SoftBank Group and private equity firm General Atlantic, according to local media reports.
ByteDance is believed to be planning to list in Hong Kong next year. Reports originally claimed that the company would seek a valuation of $45 billion, though this now looks uncertain. In July, the company denied reports that it was planning an IPO and said it was making no such arrangements.
ByteDance has hundreds of millions of daily active users of its apps in China, but the company has been involved in multiple controversies in recent months, including legal disputes with rivals Tencent and Baidu, as well as government criticism over allegedly publishing false and immoral content.