According to the report, a leaked memo shows that TikTok owner ByteDance is preparing for an initial public offering (IPO) that would increase the company's advertising sales to 42%.
Prior to last year, ByteDance has acquired a total ad revenue of $28 billion in its Chinese businesses.
This year, ByteDance is planning to grow its sales to $39 billion, thus tripling the growth of its e-commerce space.
The firm also expects to raise its e-commerce gross merchandise value (GMV) from $26 billion to $92 billion.
According to the memo, ByteDance is increasing its rivalry with Alibaba, through total advertising revenues coming from brands and entrepreneurs.
Moreover, e-commerce is expected to surpass gaming as the leading source of ad revenue for the company this year.
This IPO listing with a valuation of roughly $400 billion is set to take place in Hong Kong.
Based on the Bloomberg report, the figures shown in the memo are still tentative and are subject to change.
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