Oct 29 (Reuters) - ByteDance, which owns short-form video app TikTok, is eyeing an initial public offering in Hong Kong as soon as the first quarter of next year, the Financial Times reported on Tuesday, citing two people briefed on plans.

The seven-year-old Chinese start-up posted a better-than-expected revenue for the first half in September at over $7 billion and was valued at $78 billion late last year, separate sources have told Reuters.

ByteDance is also planning to sell its U.S. news feed business, TopBuzz, the newspaper on.ft.com/2q1yyIM said.

ByteDance did not immediately respond to Reuters’ request for comment.