(ECNS) - Bytedance, parent company of content aggregator Jinri Toutiao and short video app Douyin, has denied media reports of an IPO plan on the Nasdaq-style board for tech companies to be launched in Shanghai.
China Securities Regulatory Commission on Wednesday published a guideline on implementation of a science and technology innovation board at Shanghai Stock Exchange.
The board will focus on companies in high-tech and strategically emerging sectors such as new-generation information technology, advanced equipment, new materials, new energy and biomedicine.
Media reports disclosed authorities sounded out Bytedance and hoped it could go public on the new Nasdaq-style board.
In response, the startup said media reports are “untrue.”
Bytedance’s most recent financing round in October brought the company’s valuation to $76 billion, surpassing ride-hailing giant Uber.
