ByteDance secures $29.6bn loan after strong demand from banks, report says

ByteDance has secured a $29.6 billon loan after strong demand from lenders prompted the Chinese technology group to increase the size of the financing, according to a Bloomberg News report cited by Reuters.

The TikTok parent company had initially sought a $20 billion financing facility but expanded the loan after receiving substantial commitments from banks, Bloomberg reported, citing people familiar with the matter.

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The final borrowing package, at nearly $30 billion, is significantly larger than the amount ByteDance originally planned to raise and reflects strong appetite among lenders to provide financing to one of China's biggest privately held technology companies. Reuters said it could not immediately independently verify Bloomberg's report.

ByteDance has grown into one of the world's most prominent technology groups, largely through the success of TikTok and its Chinese counterpart Douyin. The reported loan gives the company access to a substantial pool of capital as it continues operating across social media, digital content and technology markets.

The Reuters report did not specify how ByteDance planned to use the proceeds from the loan or identify the banks involved in the financing.