ByteDance Ltd. hired Xiaomi Corp.’s Chew Shou Zi as its chief financial officer, fueling speculation over the social media giant’s plans to go public.

Chew, who oversaw Xiaomi’s initial public offering as finance chief more than two years ago, tweeted Wednesday he was joining the TikTok owner in Singapore. The smartphone maker had earlier announced his departure in a filing to the Hong Kong stock exchange.

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