Sources: ByteDance shares are trading at a $600B+ valuation in gray markets; an IPO is unlikely and its growth continues to benefit its Chinese and US backers (Henny Sender/Nikkei Asia)

Henny Sender / Nikkei Asia : Sources: ByteDance shares are trading at a $600B+ valuation in gray markets; an IPO is unlikely and its growth continues to benefit its Chinese and US backers — Henny Sender is the founder and managing partner of Apsara Advisory, a strategic consultancy for financial services companies.