ByteDance, TikTok’s parent company, has reached a $300 billion valuation as it approaches investors with a new share buyback program, per two sources familiar with the matter.

According to Reuters, the company is offering shareholders $180.70 per share in its third buyback initiative since 2022. This represents a 12.9% increase from its previous $160 per share offer in December 2023, when the company was valued at $268 billion.

The latest buyback program emerges amid ByteDance’s ongoing legal challenges in the United States. Following Joe Biden’s April legislation, the company faces a January 19 deadline to divest TikTok’s U.S. operations or face a potential ban. ByteDance and TikTok filed a lawsuit in U.S. federal court in May to contest the law.

Despite these regulatory pressures, ByteDance reports strong financial performance, with global revenue growing 30% last year to $110 billion. Sources indicate the company proceeded with the buyback program independent of U.S. presidential election considerations. Canada has also ordered ByteDance to dissolve TikTok’s operations in the country, citing national security risks.

One source notes that ByteDance has no immediate plans for an initial public offering and describes the buyback program as a mechanism to provide company liquidity.

The White House maintains its position seeking an end to Chinese-based ownership on national security grounds while expressing opposition to an outright TikTok ban.

ByteDance and TikTok declined Reuters’ requests for comments on the matter.

Reports recently emerged that ByteDance plans to use Huawei chips to develop a new AI model as China intensifies efforts to reduce dependence on U.S. technology amid tightening export controls. The company allegedly ordered over 100,000 of these chips but received fewer than 30,000 in July.

According to Hurun Research Institute data, ByteDance co-founder Zhang Yiming became China’s richest man in October, with a net worth of $49.3 billion.