FINANCIAL SERVICES | Staff Reporter, Hong Kong

Chinese tech firm Bytedance eyes US$3b in funding before jumbo Hong Kong IPO

It would put the firm in prime position to be the world's second largest unicorn.

Reuters reports that Beijing Bytedance Technology Co is said to be aiming to raise around US$3b in its latest funding round amidst reports that the firm is also eyeing a blockbuster Hong Kong IPO next year.

Also read: Hong Kong raises record US$19.2b in summer IPO haul

Founded in 2012, Bytedance manages news aggregator Jinri Toutiao, which uses AI to select content for readers and short video platform TikTok, which held the title as the world’s most downloaded app in Q1.

With the company reportedly targeting a valuation of between US$70b and US$75b in its latest fundraising round, Bytedance is in prime position to claim the spot as the world’s second largest unicorn, trailing behind only Ant Financial (valued at US$150b) and outpacing ride-hailing firm Uber (valued at US$68b).

Also read: Hong Kong's blockbuster IPO year at risk from heating trade tensions

The six year-old firm, which counts Sequoia Capital, KKR, General Atlantic and Hillhouse Capital Group amongst its backers, is reportedly in talks with investment banks for its multi-billion listing next year.

Here’s more from Reuters:

Photo screen grabbed from Jinri Toutiao website

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