ByteDance Inc., the Chinese owner of short-video platform giant TikTok, launched a share buyback this week for current and former employees, two people with direct knowledge of the matter said. The ByteDance share buyback comes after it announced in April that it did not have imminent plans for an initial public offering (IPO). The company had planned to list some of its Chinese businesses including TikTok’s Chinese version Douyin in Hong Kong, sources told.

Company founder Zhang Yiming last week surprisingly announced that he will step down as CEO, a move that comes as Chinese regulators are increasing scrutiny of the country’s biggest technology firms. ByteDance said eligible shareholders can apply to sell their shares by June 20 at $126 per share for current employees and $100.80 per share for former employees, the sources said. The price for current employees during an earlier buyback last November was $60 a share, the sources added.