TikTok owner ByteDance hires Xiaomi exec as CFO in a step towards IPO

FILE PHOTO: TikTok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken Nov. 27, 2019. REUTERS/Dado Ruvic

TikTok owner ByteDance has hired Xiaomi executive Shou Zi Chew for a newly created role as chief finance officer, in a sign that the tech company is moving towards a much-anticipated initial public offering of one or some of its businesses.

ByteDance has been considering whether to go for a standalone public listing for Douyin, the Chinese version of TikTok or list some of its Chinese operations, including Douyin and news aggregator Jinri Toutiao, as a package in Hong Kong or Shanghai, Reuters has reported.

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