The owner of China’s most popular news-aggregation app is holding discussions about a multibillion-dollar initial public offering that could take place this year, according to people familiar with the matter.

Beijing Bytedance Technology Co. is considering a Hong Kong IPO that may value it at over $45 billion, the people said. It isn’t clear how much Bytedance intends to raise, but it would join a rush of Chinese internet and technology startups going public.