HSG Continuation Fund Values ByteDance up to $370B

HSG is preparing a continuation vehicle that would value ByteDance at up to $370bn. The plan involves transferring part of HSG’s ByteDance holding into a new continuation fund.

HSG owns just over 11% of ByteDance and is one of TikTok parent’s largest external shareholders. The valuation range cited is $350bn to $370bn, which is higher than levels implied by recent employee share buybacks but below a $480bn valuation referenced in a November secondary transaction.