Beijing-based ByteDance said on Friday it had no imminent plans to the initial public offering (IPO).

ByteDance past month hired Xiaomi executive Shou Zi into some newly-created role as chief finance officer,” indicating the tech company has been moving a step nearer to a much-anticipated IPO.

“There’s been media speculation regarding our IPO plans. We’d want to describe that we aren’t ready at this point and don’t need IPO plans nonetheless,” TikTok owner ByteDance said in a statement to Reuters.

Reuters has declared ByteDance continues to be researching chances to list Douyin, ” the native variation of TikTok, at New York or Hong Kong, or even get a people record for a number of its Chinese organizations for example Douyin and news aggregator Toutiao.

ByteDance continues to be taking a look in a potential IPO because of its non-China business enterprise, that comprises TikTok that isn’t accessible China, at Europe or the United States.