Shares of ByteDance Ltd, the Chinese parent of hit video app TikTok, are trading at a valuation of more than $250 billion in the secondary market, according to people familiar with the matter. The Beijing-based company’s value has surged in recent weeks as investors gain confidence in the business and founder Zhang Yiming weighs options for an initial public offering, said the people, asking not to be named because the transactions are private. ByteDance was valued at $140 billion during its last fundraising, according to CB Insights. The company’s shares traded at a roughly $200 billion valuation in private transactions just a month ago, one of the people said. At $250 billion, ByteDance would be more valuable than Exxon Mobil Corp. or Coca-Cola Co.

A representative for the company didn’t respond to requests for comment.

Zhang, who founded ByteDance in 2012, has demonstrated the rare ability to create repeated hit services in competition with giants like Tencent Holdings Ltd and Alibaba Group Holding Ltd. His first big success was the news service Toutiao, which has since been eclipsed by TikTok and Douyin, a twin video app for China’s domestic market. The company’s revenue more than doubled to about $35 billion last year.

ByteDance tangled with former US President Donald Trump’s administration, which vowed to force the Chinese company to sell TikTok because of alleged national security concerns. But the Biden administration has said it will reassess the situation, opening the door to ByteDance retaining part or all of the fast-growing business.

Zhang just hired Xiaomi Corp.’s Chew Shou Zi as his chief financial officer, fueling speculation over the social media giant’s plans to go public. Chew oversaw Xiaomi’s initial public offering as finance chief more than two years ago and would give ByteDance a seasoned CFO to reassure investors. Chew had overseen Xiaomi’s smartphone international expansion before his departure. ByteDance had been exploring plans to list some of its businesses including Douyin in Hong Kong, Bloomberg News reported in November. But it is increasingly likely that Zhang would take his whole company public, one of the people said.