Bytedance will file TikTok's initial public offering (IPO) in New York within 12 months, Reuters and CNBC reported on September 18.

Bytedance has yet to respond.

TikTok, a subsidiary of Bytedance, runs The group's best-known overseas short video product, TikTok. As of July, TikTok had 689 million monthly active users worldwide, including more than 100 million each in the U.S. and Europe, according to legal documents bytedance filed against the U.S. government. As of August, TikTok had been downloaded more than 2 billion times worldwide.

TikTok is understood to raise up to 20 per cent of its capital before going public and is considering bringing in a strategic partner. TikTok hopes to become a public company through IPO, complete the adjustment of corporate governance structure and increase corporate transparency.

The Trump administration is in the process of approving a TikTok deal with Oracle this week, according to people familiar with the matter. Under the deal, TikTok's parent company, Bytedance, will continue to retain a controlling stake in TikTok.

If the U.S. government approves the deal, TikTok will remain headquartered in the United States, with Oracle as its U.S. user data security partner. Wal-mart is also expected to enter the market as a small percentage of investors and e-commerce partners. But the final outcome has yet to be determined.

On the night of September 16, Bytedance and Oracle agreed to the revised terms of the agreement.

But the terms of the deal are likely to be opposed by US President Donald Trump. At a White House news conference on Wednesday, Mr. Trump said he opposed the deal to see Bytedance retain a majority stake in TikTok. "Basically, I can tell you I don't like that," Trump said. "If that's the case, I wouldn't be happy."

However, the deal must be approved by Mr Trump, who is expected to be briefed on the details on September 17.

Mr Trump's cabinet was reportedly briefed on the deal on September 16. According to the sources, the us Treasury secretary Steven's Mr Qin, commerce minister, Wilbur Ross and minister of justice William barr seems to have expressed support for the proposal, the American secretary of state Michael peng admire Mr, seems to be "neutral" about the deal, and said he needed to see details about TikTok U.S. user data security related. Pompeo expressed support for the deal to Trump at a later meeting on Sept. 17, the person said.

Meanwhile, many lawmakers have weighed in on the deal, and Republican Senator Josh Hawley is pressing for it to be rejected. Holly has been negative about TikTok, which he believes is still under bytedance's control.

"The available evidence forces us to a common conclusion: Bytedance has no intention of giving up ultimate control of TikTok," Mr Hawley wrote in a letter to Mr Mnuchin on September 15. That's what President Trump needs to address, and that's what Oracle needs to consider in this partnership. In short, this agreement is a violation of the President's executive order."

Another Republican senator, Marco Rubio, said September 17 that he had received briefings from Oracle and the Treasury on the deal and that he considered it "informative." "The only thing that matters is whether we are protecting the privacy and consumer data of Americans," Mr. Rubio said on Twitter.