7/12/2021, 10:49 AM (Source: TeleTrader)
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ByteDance delayed IPO after gov't data security request - report

TikTok app owner ByteDance Ltd. delayed its plans to launch an initial public offering (IPO) of its shares abroad after the Chinese government requested that the company examine data-security risks related to its business.

Anonymous sources told The Wall Street Journal on Monday that ByteDance founder Zhang Yiming decided to take that step after meeting Chinese regulators back in March.

Unlike ByteDance, Didi Chuxing Technology Co. decided to go through with its IPO in the United States despite government warnings and has been under intense pressure from the Chinese authorities ever since.

Baha Breaking News (BBN) / MS