ByteDance hires Xiaomi executive as CFO, moving towards IPO

Beijing: TikTok owner ByteDance said on Wednesday it has hired Xiaomi Corp senior vice president Shou Zi Chew to be its new chief finance officer.

Chinese smartphone maker Xiaomi said earlier today in a filing to Hong Kong Exchange that Chew had resigned.

ByteDance`s creation of the CFO role signals that it is moving towards a much-anticipated initial public offering (IPO).

Earlier this year, ByteDance closed a fundraising that values it at $180 billion, more than doubling its valuation from a previous round in 2018.

Beijing-based ByteDance has been considering whether to obtain 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.