ByteDance,the Chinese parent of hit video app TikTok, said on Friday it had no imminent plans for an initial public offering after it conducted a thorough study.
"We believe the company doesn't meet the public listing requirements," TikTok owner ByteDance said in a statement published on its Toutiao account.
Recently, there are a lot of news about the company will be listed.
ByteDance last month hired former Xiaomi executive Shou Zi Chew for a newly-created role as chief finance officer, suggesting the tech company was moving a step closer to a much-anticipated IPO.
Reuters has reported ByteDance has been exploring possibilities to list Douyin, the Chinese version of TikTok, in New York or Hong Kong, or obtain a public listing for some of its Chinese businesses including Douyin and news aggregator Toutiao.
ByteDance has also been looking at a potential IPO for its non-China business, which includes TikTok that is not available in China, in Europe or the United States.
ByteDance, famous for its short-video apps and news aggregator Toutiao,more than doubled revenue last year after expanding beyond its core advertising business into areas such as e-commerce and online gaming.
During its last fundraising round, ByteDance reached a $180 billion valuation, according to a person with knowledge of the matter. That’s up from $20 billion about three years ago, according to CB Insights. But in the private market, some investors recently were asking for the equivalent of a $350 billion valuation to part with their shares, the people have said. Its value for private equity investors is approaching $400 billion, according to a report in the South China Morning Post.