By Yingzhi Yang and Brenda Goh
BEIJING – TikTok-owner ByteDance has appointed company legal professional Julie Gao as its new chief monetary officer (CFO), based on an inside memo despatched to workers on Monday and seen by Reuters.
Gao, presently a Hong Kong-based capital markets legal professional at regulation agency Skadden, will probably be primarily based in Hong Kong and Singapore as soon as she joins ByteDance, based on the memo despatched by ByteDance chief government Liang Rubo.
A ByteDance spokesperson confirmed Gao’s appointment.
Gao will be a part of ByteDance in Could, based on an individual with direct data of the matter.
Gao has suggested on ByteDance’s acquisitions of Musical.ly, which was later built-in into TikTok, and Shanghai-based gaming studio Moonton, based on her biography web page on Skadden’s official web site.
The transfer comes after ByteDance’s former CFO Shou Zi Chew, who joined the corporate in March 2021, stepped down in November from the CFO function to concentrate on being TikTok’s CEO.
The corporate presently doesn’t have a timeline for its much-anticipated IPO, based on the particular person.
ByteDance mentioned final April https://www.reuters.com/article/bytedance-ipo-idUSL4N2MG3DW it didn't have any imminent plans for a public itemizing. Sources had beforehand informed Reuters it was taking a look at a Hong Kong or New York itemizing.
The ten-year-old firm noticed its whole income develop by 70% yr on yr to round $58 billion in 2021 https://www.reuters.com/markets/funds/exclusive-tiktok-owner-bytedances-revenue-growth-slowed-70-2021-sources-2022-01-20, Reuters has reported, slower development than a yr earlier as China tightens its regulation of massive tech corporations.
In 2020, the corporate’s whole income grew by over 100% to $34.3 billion.
One of many world’s largest personal corporations, ByteDance had a valuation of about $300 billion in trades earlier this yr.
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