ByteDance Ltd. is in discussions to raise $2 billion before listing some of its businesses in Hong Kong, people familiar with the matter said, even as it seeks to avoid a ban on its TikTok service in the U.S.
The Chinese company is in talks with a group of investors including Sequoia over funding that would boost its valuation to $180 billion, the people said, asking not to be identified discussing a private deal. ByteDance could then start preparing some of its biggest assets including Douyin and Toutiao for an initial public offering in Hong Kong, the people said. The company was last valued at $140 billion, according to CB Insights.
