bodyType

customContents

entityId

printArticlePageQuery

filter

article

body

urlAlias

articleSectionsContent

articleSeoArticle

articleSourceHeaderArticle

contentSchemaRenderContent

contentSubHeadlineContent

contentHeadlineContent

mainImagePrintArticleArticle

authorBlockPrintArticleArticle

contentSponsorTagContent

articlePianoPaywallContent

scmpYoutubeContent

hooksTrackPageViewArticle

query printArticlePageQuery(
  $entityId: String!
  $customContents: [CustomContentInput]
  $bodyType: BodyFormatTypeEnum
) {
  article(filter: {entityId: $entityId}) {
    entityId
    body(customContents: $customContents, type: $bodyType) {
      json
    }
    urlAlias
    ...articleSectionsContent
    ...articleSeoArticle_3o8td4
    ...articleSourceHeaderArticle
    ...contentSchemaRenderContent
    ...contentSubHeadlineContent
    ...contentHeadlineContent
    ...mainImagePrintArticleArticle
    ...authorBlockPrintArticleArticle
    ...contentSponsorTagContent
    ...articlePianoPaywallContent
    ...scmpYoutubeContent
    ...hooksTrackPageViewArticle
    id
  }
}

fragment articlePianoPaywallContent on Content {
  __isContent: __typename
  ...hooksPaywallPromiseContent
}

fragment articleSectionsContent on Content {
  __isContent: __typename
  sections {
    value {
      ...helpersCheckIfNewsSectionInFirstIndexSection
      ...entityLink
      name
      id
    }
  }
}

fragment articleSeoArticle_3o8td4 on Article {
  ...hooksArticleSeoArticle
  ...helpersCheckIsPostiesArticle
  ...helpersGetArticleTypeArticle
  entityId
  publishedDate
  updatedDate
  summary {
    text
  }
  subHeadline {
    text
  }
  body(customContents: $customContents, type: $bodyType) {
    text
  }
  keywords
  sections {
    value {
      name
      id
    }
  }
  topics {
    name
    entityId
    id
  }
  urlAlias
  authors {
    name
    id
  }
  images {
    style(filter: {style: "768x768"}) {
      url
    }
  }
  readingTime
}

fragment articleSourceHeaderArticle on Article {
  urlAlias
  ...entityLink
}

fragment authorBlockPrintArticleArticle on Article {
  ...defaultArticleDateContent
  ...authorNamesArticle
}

fragment authorNameAuthor on Author {
  ...entityLink
  name
  entityUuid
}

fragment authorNamesArticle on Article {
  authorLocations
  authors {
    entityId
    location
    ...authorNameAuthor
    id
  }
}

fragment blockquoteQuoteContent on Content {
  __isContent: __typename
  ...contentShareWidgetContent
}

fragment checkersCheckContentContainsStarlingImageContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment contentHeadlineContent on Content {
  __isContent: __typename
  headline
  socialHeadline
  ...contentHeadlineTagContent
  ...helpersUseContentSponsorContent
}

fragment contentHeadlineTagContent on Content {
  __isContent: __typename
  ...hooksContentHeadlineTagContent
}

fragment contentNewsletterWidgetContent on Content {
  __isContent: __typename
  topics {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
    id
  }
  sections {
    value {
      relatedNewsletters {
        ...helpersMassageToNewsletterItemNewsletter
        id
      }
      id
    }
  }
  ... on Article {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
  }
}

fragment contentSchemaRenderContent on Content {
  __isContent: __typename
  ...blockquoteQuoteContent
  ...imageContent
  ...inlineWidgetContent
  ...photoGalleryWidgetContent
  ...scmpYoutubeContent
}

fragment contentShareWidgetContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  shortUrl
  socialHeadline
  headline
}

fragment contentSponsorTagContent on Content {
  __isContent: __typename
  ...helpersUseContentSponsorContent
}

fragment contentSubHeadlineContent on Content {
  __isContent: __typename
  subHeadline {
    json
  }
  summary {
    json
  }
  ...contentSchemaRenderContent
}

fragment defaultArticleDateContent on Content {
  __isContent: __typename
  ...hooksArticleDateUtilsContent
}

fragment entityLink on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  __typename
  entityId
  entityUuid
  urlAlias
  urlRedirect {
    toUrl
    id
  }
  application {
    entityId
    id
  }
  ... on Section {
    fullSectionPath {
      entityId
      id
    }
    parentSection
  }
  ...helpersAppBarVariantBase
  ...helpersApplicationBase
  ...helpersCheckIsPlusArticle
  ...helpersStyleSectionContent
}

fragment helpersAppBarVariantBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsLiveArticle
  ...helpersCheckIsPlusPage
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...helpersSectionContent
  ...helpersStyleSectionContent
}

fragment helpersApplicationBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPlusPage
}

fragment helpersCheckIfNewsSectionInFirstIndexSection on Section {
  name
}

fragment helpersCheckIsAmpEnabledArticle on Article {
  entityId
  types {
    value {
      entityId
      id
    }
  }
  sections {
    value {
      entityId
      id
    }
  }
  disableOffPlatformContent
  sponsorType
  published
  ...helpersCheckIsPlusArticle
  ...helpersCheckIsPostiesArticle
}

fragment helpersCheckIsLiveArticle on Article {
  flattenTypeIds
  liveArticle {
    status
    id
  }
}

fragment helpersCheckIsMainTopicContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment helpersCheckIsPlusArticle on Content {
  __isContent: __typename
  ... on Article {
    paywallTypes {
      entityUuid
      id
    }
  }
}

fragment helpersCheckIsPlusPage on Page {
  urlAlias
}

fragment helpersCheckIsPostMagazineArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesPage on Page {
  urlAlias
}

fragment helpersCheckIsStyleArticle on Content {
  __isContent: __typename
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersGetArticleTypeArticle on Content {
  __isContent: __typename
  ... on Article {
    types {
      value {
        entityId
        id
      }
    }
  }
}

fragment helpersMassageToNewsletterItemNewsletter on Newsletter {
  entityId
  name
  alternativeName
  description {
    text
  }
  summary {
    text
  }
  homepageDescription {
    text
  }
}

fragment helpersSanitizeArticleTypeEntityIdsArticle on Article {
  types {
    value {
      entityId
      id
    }
  }
}

fragment helpersSanitizeAuthorTypesArticle on Article {
  authors {
    types
    id
  }
}

fragment helpersSanitizedAuthorEntityIdsArticle on Article {
  authors {
    entityId
    id
  }
}

fragment helpersSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersStyleSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersUseContentSponsorContent on Content {
  __isContent: __typename
  topics {
    entityId
    sponsor {
      ...sponsorTagSponsor
      name
      type
      id
    }
    id
  }
  ... on Article {
    sponsorType
  }
  ...helpersCheckIsMainTopicContent
}

fragment hooksArticleDateUtilsContent on Content {
  __isContent: __typename
  createdDate
  publishedDate
  updatedDate
}

fragment hooksArticleSeoArticle on Article {
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...hooksContentHeadlineTagContent
  ...helpersCheckIsAmpEnabledArticle
  entityId
  headline
  socialHeadline
  types {
    value {
      entityId
      id
    }
  }
  authors {
    entityId
    id
  }
  images {
    generic_og: style(filter: {style: "og_image_scmp_generic"}) {
      url
    }
    styles(filter: {styles: ["og_image_posties_article", "og_postmag", "og_image_style", "og_image_scmp_analysis", "og_image_scmp_explainer", "og_image_scmp_editorial", "og_image_scmp_fact_check", "og_image_scmp_debate", "og_image_scmp_live", "og_image_scmp_obituary", "og_image_scmp_opinion", "og_image_scmp_review", "og_image_scmp_series", "og_image_scmp_generic"]}) {
      url
      style
    }
    type
  }
  urlAlias
}

fragment hooksContentHeadlineTagContent on Content {
  __isContent: __typename
  __typename
  ... on Article {
    types {
      value {
        name
        entityId
        description {
          text
        }
        id
      }
    }
    ...helpersCheckIsStyleArticle
  }
  flag
  sections {
    value {
      name
      id
    }
  }
  ...hooksContentHelperContent
}

fragment hooksContentHelperContent on Content {
  __isContent: __typename
  ...helpersSanitizeArticleTypeEntityIdsArticle
  ...helpersSanitizeAuthorTypesArticle
  ...helpersSanitizedAuthorEntityIdsArticle
  flag
}

fragment hooksPaywallPromiseContent on Content {
  __isContent: __typename
  entityId
  ...helpersCheckIsPostiesArticle
}

fragment hooksTrackPageViewArticle on Article {
  entityId
  publishedDate
  headline
  sections {
    value {
      name
      id
    }
  }
  urlAlias
  authors {
    name
    id
  }
  entityUuid
}

fragment imageContent on Content {
  __isContent: __typename
  headline
  ...checkersCheckContentContainsStarlingImageContent
}

fragment inlineWidgetContent on Content {
  __isContent: __typename
  ...contentNewsletterWidgetContent
}

fragment mainImagePrintArticleArticle on Article {
  images {
    title
    url
    isSlideshow
    size_652x446: style(filter: {style: "652x446"}) {
      url
    }
  }
}

fragment photoGalleryDialogContent on Content {
  __isContent: __typename
  __typename
  ...contentShareWidgetContent
}

fragment photoGalleryWidgetContent on Content {
  __isContent: __typename
  ...photoGalleryDialogContent
}

fragment scmpYoutubeContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  publishedDate
}

fragment sponsorTagSponsor on Sponsor {
  name
  type
  images {
    url
  }
}


sections

types

disableOffPlatformContent

sponsorType

published

headline

socialHeadline

authors

images

publishedDate

updatedDate

summary

subHeadline

keywords

topics

readingTime

authorLocations

entityUuid

Zhou Xin

Celia Chen

Tracy Qu

ByteDance, the developer of TikTok and its Chinese sibling app Douyin, has put its initial public offering plan on the back burner for now, as it has difficulties coming up with a business structure that can please both Beijing and Washington, according to two people familiar with the matter.
One of the sources, who declined to be identified as the information is not public, said the Chinese start-up has yet to find a satisfactory way to restructure its business to meet regulatory requirements in China and the US. One major challenge lies in separating Douyin’s China-based operations from TikTok’s global operations because both apps share the same algorithm, the person said.

Meanwhile, ByteDance’s management has also found it hard to balance the interests of various stakeholders. “Many people with different agendas are trying to have a say in the IPO plan,” the person said.
Another source, a Beijing-based government official involved in regulating ByteDance who declined to be named, said the company has to postpone its plan to go public because of the US-China geopolitical tensions.
“ByteDance’s IPO plan will involve US investors and the US market, but the broad China-US mood is unfavourable,” the person said.
ByteDance and TikTok declined to comment on this article on Saturday.
Beijing-based ByteDance said in a brief statement late on Friday that it was not ready to file an IPO “at this stage” and it has no imminent IPO plans, without elaborating.
The announcement followed feverish market speculation that the nine-year-old start-up founded by Zhang Yiming, currently the world’s most valuable unicorn, was considering a public listing.
The South China Morning Post reported in February that ByteDance was in preliminary discussions to raise capital in the US by listing the shares of Douyin in New York, although Hong Kong was also an option, citing a source familiar with the plan.
Talks of a ByteDance IPO heated up last week after Bloomberg reported that the company had kicked off preparations to float some of its main businesses, including Douyin, and was in the process of choosing between Hong Kong and the US as the listing venue, citing people familiar with the matter.
The China Securities Journal, an official newspaper affiliated with the Xinhua news agency, reported last week that ByteDance had kick-started a process to go public in Hong Kong, citing unidentified sources, only to pull the story from its website a few hours later. Chinese magazine Caixin also reported last week that ByteDance would file for an IPO in Hong Kong in the second quarter, floating all its assets. The report was also later pulled, without explanation.
Explainer | Top 10 IPOs by China’s billion-dollar tech start-ups to watch for in 2021
While ByteDance’s value was said to be approaching US$400 billion in the private market, sources told the Post earlier this month, the company had not disclosed any information about its IPO plans until Friday.
Regulatory risks remain one of the biggest hindrances to ByteDance’s IPO plan, according to analysts.
“It’s becoming increasingly complex and risky [for ByteDance to meet regulatory requirements],” said Alex Capri, a visiting senior fellow at the National University of Singapore. “ByteDance sees what has happened to Ant Group and Alibaba, and [it] has elected to keep a low profile.”
Ant Group, the world’s largest financial technology company and an affiliate of this newspaper’s owner Alibaba Group Holding, abruptly suspended its blockbuster IPO last November. The company was later instructed by Chinese financial regulators to rectify its business practices.
“The big problem [for ByteDance] is the Chinese government, which is constricting the market options and freewheeling behaviour of China’s Big Tech companies,” said Capri.
“The risks of a listing are obvious. It is a timing issue … ByteDance must comply with the rules and regulations of different countries [if it goes public]. It is a massive project for the young enterprise,” said Zhang Yi, chief executive of consultancy firm iiMedia Research.


Despite the challenge, ByteDance is expected to keep pursuing a public listing, said Zhang, because “the capital raised from the IPO will enable the company to carry out its global business strategy and improve its global influence.”
“The firm is highly attractive to investors, as it has an innovative business model, leading algorithm technology, and healthy profitability,” Zhang added.
Still, the status of TikTok in the US remains uncertain after ByteDance shelved a deal to sell the video-sharing app’s American operations to a group led by Oracle following pressure from former US president Donald Trump, the Post reported in February.
While the app has not been banned in the US as Trump had threatened, the new administration under President Joe Biden is currently reviewing security concerns around Chinese apps operating on US soil.
TikTok, with 689 million monthly users worldwide, contributed US$1 billion to ByteDance’s total revenue of US$37 billion last year, according to data from Reuters and The Information.


IPO plan of TikTok owner ByteDance is set back by US-China tensions, sources say

ByteDance is holding off on plans for a public listing because of geopolitical tensions between the US and China, sources told the South China Morning Post. Photo: Reuters

A visitor to an Apple store wears a TikTok shirt in Beijing, China, on July 17, 2020. Photo: AP Photo

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TikTok and Douyin owner ByteDance faces difficulties in restructuring to meet US and China regulations, sources said
Demands from various stakeholders are also complicating the company’s plan to go public


TikTok and Douyin owner ByteDance faces difficulties in restructuring to meet US and China regulations, sources said, while demands from various stakeholders also complicate the company’s plan to go public.


Exclusive | IPO plan of TikTok owner ByteDance is set back by US-China tensions, sources say

TikTok and Douyin owner ByteDance faces difficulties in restructuring to meet US and China regulations, sources said Demands from various stakeholders are also complicating the company’s plan to go public

TikTok and Douyin owner ByteDance faces difficulties in restructuring to meet US and China regulations, sources said

Demands from various stakeholders are also complicating the company’s plan to go public