Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images

TikTok parent company ByteDance is not planning an initial public offering anytime soon, and The Wall Street Journal reported Monday that such plans have been “indefinitely” shelved.

The WSJ reported that ByteDance founder Zhang Yiming made the call to postpone IPO plans in March after meeting with regulators who suggested the company should focus on data security concerns. Beijing-based ByteDance hired Shou Zi Chew as its chief financial officer in late March, which led to conjecture that an IPO may be imminent.

“We don’t comment on rumors or speculation,” a ByteDance spokesperson told The Verge Monday in response to a request for comment.

The company has not publicly announced any potential IPO plans, and in response to what it…

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