According to the Wall Street Journal, which cited sources, the owner of social networking site TikTok, Chinese business ByteDance, has postponed plans for an initial public offering (IPO) indefinitely after Chinese regulators warned of data security dangers.
According to the magazine, ByteDance was one of 13 Internet businesses asked by banking regulators to comply to considerably tougher supervision of their data and lending methods, RIA reports.
According to the Wall Street Journal, the Beijing behemoth was exploring an IPO of a whole business or a number of its firms in the United States or Hong Kong as part of its most recent round of funding in December, estimated at $180 billion.
ByteDance, which was founded in 2012, has turned TikTok into one of the most popular web applications in the world, with over 100 million users in the United States alone.
