How to buy TikTok stock in Canada when it goes public

Here's everything we know so far about the TikTok IPO.

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If you're looking to buy TikTok stock, you may have to wait a little longer. Rumours persist that TikTok may go public, however, there are still many questions surrounding the IPO. Its China-based parent company, ByteDance, has gone back and forth on plans to to take the company public—or even go public itself—amidst a recent security crackdown by Chinese regulators.

Here's what we know about the TikTok IPO so far and how to buy TikTok stock in Canada if the company makes it to the stock market.

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Latest updates for TikTok stock

March 17, 2024: For the first time in TikTok’s history, its user growth is stagnating. As the app fends off a new attack by Congress, ad sales are hitting growth targets but not exceeding them, and it is at war with the world’s largest music company, according to The Wall Street Journal.

March 13, 2024: The House voted overwhelmingly to approve a bill on Wednesday that would ban TikTok from operating in the US or force a sale, setting the stage for a final showdown in the Senate, where lawmakers signaled a more cautious approach on the legislation, according to The Wall Street Journal.

March 8, 2024: Republican and Democratic lawmakers have introduced legislation that would ban app stores from distributing TikTok unless ByteDance, its Chinese owner, divests control of the popular video-sharing platform, according to The Financial Times.

March 6, 2024: TikTok parent ByteDance launched a new share buyback after a rise in revenue, offering $170.81 a share to current employees, according to The Wall Street Journal.

What we know about the TikTok IPO

Popular video-sharing and social media app, TikTok, may go public, although many details of the event have not yet been confirmed. Parent company, ByteDance, was considering a TikTok IPO back in early 2021. But plans were put on hold in light of heavy security crackdowns by Chinese regulators.

In the past, it was unclear whether TikTok would go public in the US or Hong Kong. But ByteDance is said to be leaning towards a Hong Kong IPO sometime in early 2022.

China's security crackdown has affected a number of China-based companies' plans to go public including Ant Group (owned by Alibaba founder, Jack Ma) and ride-sharing service, Didi Chuxing. It's believed that the increased regulatory scrutiny may stem in part from an unwillingness to comply with foreign regulations requiring data disclosure.

TikTok has also come under fire for privacy concerns surrounding its ties to China. But a deal that left Walmart and Oracle with minority stakes in the company has since put those concerns largely to rest.

According to the deal, Oracle has 12.5% ownership—plus the authority to check TikTok's source code—and Walmart has 7.5% ownership. ByteDance remains the majority owner of the app.

Note: all dollar amounts on this page are in US dollars unless otherwise stated.

How to buy TikTok stock when it starts trading

Once TikTok goes public, you'll need a brokerage account to invest. Consider opening a brokerage account today so you're ready as soon as the stock hits the market.

  1. Compare stock trading platforms. Use our comparison table to help you find a platform that fits your needs.
  2. Open your brokerage account. Complete an application with your details.
  3. Confirm your payment details. Fund your account.
  4. Research the stock. Find the stock by name or ticker symbol and research it before deciding if it's a good investment for you.
  5. Purchase now or later. Buy your desired number of stocks with a market order or use a limit order to delay your purchase until the stock reaches a desired price.

Will I be able to buy TikTok stock in Canada?

You won't be able to buy TikTok stocks on a Canadian stock exchange like the TSX. Instead, you need a Canadian broker that provides access to international stock exchanges.

You can access US exchanges like the NYSE and the NASDAQ using Canadian trading platforms like Qtrade, Wealthsimple, Scotia iTRADE and CIBC Investor's Edge.

Interactive Brokers provides access to many stock exchanges outside North America like the Hong Kong Stock Exchange (SEHK), Korea Stock Exchange (KSE), National Stock Exchange of India (NSE), Frankfurt Stock Exchange (FWB) and London Stock Exchange (LSE).

How do similar companies perform?

It's impossible to predict how any stock will perform — and IPOs can be particularly volatile. Looking at the performance of similar companies can help you decide if now is a good time to buy TikTok stock.

See how the following stocks are performing, and view details like market capitalization, the price-to-earnings (P/E) ratio, price/earnings-to-growth (PEG) ratio and dividend yield.

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Note: The dollar amounts in the table below are in Canadian dollars.

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Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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