Feb 22, 2022 08:42 PM

ByteDance Looks to Exit Securities Business as Fintech Rules Tighten

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.

You've accessed an article available only to subscribers
Share this article
Open WeChat and scan the QR code
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription