Certain companies go public to make the market believe in them; some companies do not go public because the market is already waiting for them.

Bytedance's scale currently makes going public not the optimal solution.
The valuation of ByteDance's stock on the private market exceeds 600 billion dollars, and founder Zhang Yiming believes there is still room for valuation to rise.
According to foreign media reports, ByteDance's board of directors reached a consensus in early May 2026 to delay its initial public offering (IPO) plan. Zhang Yiming believes there is still room for valuation to increase; going public at this stage would give away too many benefits to late-stage risk investors.
Currently, ByteDance's off-market gray market trading valuation has exceeded 600 billion dollars. Senior technology investment banker at Bank of America predicts the company's market value could approach 1 trillion dollars and set a new industry benchmark.
Policy and geopolitical risks have eased somewhat. In early 2026, Oracle reached an agreement with an investor consortium to jointly acquire 80% of TikTok's US entity, effectively clearing regulatory pressures.
In terms of AI business, Doubao APP, as the largest chat assistant by domestic user scale, is adding paid tiers on top of free services.