Feb 22, 2022 08:42 PM

FINANCE

ByteDance Looks to Exit Securities Business as Fintech Rules Tighten

By Wang Juanjuan, Liu Ran and Tang Ziyi

ByteDance’s Shanghai headquarters on Jan. 6. Photo: VCG

ByteDance’s Shanghai headquarters on Jan. 6. Photo: VCG

TikTok owner ByteDance Ltd. is set to sell or shut down all of its securities businesses amid the tightening regulatory environment for Chinese internet giants’ financial operations, Caixin has learned.

A ByteDance subsidiary has agreed to sell 100% of its stake in Beijing Wenxing Online Technology Co. Ltd. to Chinalin Securities Co. Ltd. (002945.SZ) for 20 million yuan ($3.16 million), according to a filing released by Chinalin Securities on Monday.

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