ByteDance reportedly plans to list Douyin in Hong Kong
ByteDance plans to list Chinese short-video application Douyin, which has 600 million daily active users, in Hong Kong, media reported on Sunday.
ByteDance declined to comment on the issue on Monday, but sources said it has discussed listing plans internally.
ByteDance is also the parent firm TikTok.
In the past year, Douyin helped 22 million creators earn more than 41.7 billion yuan (US$6.13 billion), which was expected to double to 80 billion yuan in 2021, the company said last month.
To achieve that goal, the company plans to invest in traffic resources worth 10 billion yuan to support creators, said Kelly Zhang, chief executive of ByteDance.
Currently, video creators or bloggers can cash in through advertising, livestreaming sales and attending offline activities. Technology developments such as 5G and advanced smartphone cameras have boosted video creation.
TikTok's fate in the United States is still uncertain.
In September, a US district court decided to temporarily block a US government action that would prevent new downloads of the video-sharing app TikTok and software updates for existing users, according to Xinhua reports.