ByteDance to spend up to $3 billion to repurchase shares from investors

BEIJING: ByteDance will spend up to $3 billion to repurchase shares in a deal that values the Chinese unlisted owner of TikTok at around $300 billion, according to a company memo to investors seen by Reuters on Friday.

The exercise is mainly aimed at helping some of its shareholders improve their liquidity positions, a person with direct knowledge of the plan said.

ByteDance had explored conducting an initial public offering in Hong Kong, sources have said, but company said in April last year it had no imminent plans.