Gao, who has advised technology companies on initial public offerings and other types of financing, will work from ByteDance’s offices in Hong Kong and Singapore, CEO
The announcement will likely reignite speculation about ByteDance’s potential IPO, which could be one of the biggest Chinese tech debuts in years. But the spokesperson reiterated on Monday that the company was not ready for a start.
Gao’s appointment marked the latest leadership change for the world’s most valuable startup. Last year, the founder of ByteDance
Gao headedthe China practice at Skadden, Arps, Slate, Meagher & Flom LLP, where she worked on internet giant IPOs including
ByteDance is now streamlining its business after Beijing’s year-long crackdown on the consumer internet has chilled the expansion of new businesses.
In a tumultuous 2021, the company – one of the few tech success stories outside the orbits of
ByteDance had started
Regulatory uncertainties remain one of the biggest risks for ByteDance, which reported slower 70% revenue growth for 2021, according to a Reuters report.
Beijing’s internet watchdog is now looking to
Like its biggest rivals, ByteDance is increasingly looking outward to grow. With over a billion users worldwide, TikTok is stepping up its monetization efforts by running more ads and introducing live shopping. TikTok is estimated to triple its ad revenue this year to $11.6 billion, representing more than 5% of global digital ad spend with its sister app Douyin, according to the research firm. eMarketer.
To contact the reporter on this story:
To contact the editors responsible for this story:
© 2022 Bloomberg LP All rights reserved. Used with permission.