From Breakingviews - TikTok’s best U.S. charm offensive involves an IPO
TikTok escaped an effective U.S. ban when President Joe Biden in 2021 revoked executive orders by his predecessor Donald Trump prohibiting new downloads of the app. The company is now trying to work with the Committee on Foreign Investment in the United States to ease concerns about Chinese access to American customers’ data. TikTok has proposed constructing a division with a separate board, which includes a former U.S.
One partial solution would be for TikTok to list its shares on a U.S. stock exchange. That would force the company to be more transparent about its operations and financial performance, while offering American investors the ability to take a direct stake in the company. An initial public offering would not solve the question of Chinese government influence over TikTok’s parent, and could cause other headaches: Ride-hailing app Didi Global had to cancel its U.S. stock market listing after China’s internet watchdog launched a security probe. TikTok may also want to wait for tech valuations to recover. But if an IPO helps TikTok to keep operating in the United States, it’s worth a try.
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