TikTok owner ByteDance launches share buyback after shelving IPO plans

Beijing: ByteDance Inc., the Chinese owner of short-video platform giant TikTok, launched a share buyback this week for current and former employees, two people with direct knowledge of the matter said.

The ByteDance share buyback comes after the world’s most-valued announced in April that it did not have imminent plans for an initial public offering (IPO). The company had planned to list some of its Chinese businesses including TikTok’s Chinese version Douyin in Hong Kong, sources previously told Reuters.

Last week, company founder Zhang Yiming unexpectedly announced that he will step down as CEO, a move that comes as Chinese regulators are increasing scrutiny of the country’s biggest technology firms.