ByteDance, the Chinese owner of TikTok, has seen its valuation surge to a record high of more than US$600 billion after a proposed equity sale from one of the founding shareholders, according to two sources familiar with the matter.

The deal aimed to transfer US$900 million worth of ByteDance shares, one of the sources said.

The seller originally had the company’s valuation at US$550 billion, in line with an earlier proposal by General Atlantic, one of the firm’s earliest institutional investors, but raised the amount after multiple parties expressed interest, the person said, adding that the transaction could be completed at a higher amount.

Several buyers had been in talks for the latest equity sale, but nothing had been finalised, the second person said.

ByteDance did not immediately respond to a request for comment on Wednesday.

The latest planned sale comes after the Beijing-based company weathered political headwinds in the global market. In January, the company set up a new joint venture in the US, TikTok USDS Joint Venture, to retain operations in one of its biggest markets.