Investors in ByteDance are getting more optimistic that one of the world’s most highly valued private companies can move toward an initial public offering, a development that comes after years of setbacks for TikTok’s parent company.

Three investors say a number of recent signs suggest the Chinese government is opening a path to a public listing, most likely in Hong Kong. Chief among them is the fact that Ant Group—maker of China’s most popular mobile payment service, Alipay—has reportedly received a tentative green light from the government for a future IPO, after Beijing halted its plans a year and a half ago.

In another development, the Chinese government’s yearlong investigation into ride-hailing company Didi Global is coming to an end, and investors see this as a turning point in China’s sweeping tech crackdown.