High notes

15 December 2020 By Robyn Mak Follow @mak_robyn

TikTok’s Chinese parent is raising $2 bln at a $180 bln valuation amid U.S. pressure to sell the video unit. The company is also on track to hit a full-year sales target of $30 bln, thanks to its local apps. A booming home market more than makes up for stalled global expansion.

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U.S. private equity firms Sequoia and KKR are leading a $2 billion funding round that will value China's ByteDance at $180 billion, Reuters reported on Dec. 11, citing people familiar with the matter.

ByteDance was last valued at $78 billion, after an October 2018 funding round that included Japan's SoftBank Group, KKR and General Atlantic.

Separately, the company is on track to generate at least 180 billion yuan ($27.5 billion) in advertising revenue this year, Reuters reported on Nov. 11, citing sources. Of that, Douyin, the Chinese version of global video-app TikTok accounted for nearly 60%.

President Donald Trump in an Aug. 14 order directed ByteDance to divest TikTok. The company has since filed a petition with the U.S. Appeals Court challenging the order.

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ByteDance was last valued at $78 billion, after an October 2018 funding round that included Japan's SoftBank Group, KKR and General Atlantic.

President Donald Trump in an Aug. 14 order directed ByteDance to divest TikTok. The company has since filed a petition with the U.S. Appeals Court challenging the order.

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