Tech Insider: ByteDance Flees Fintech, Subsidy Cut Fails to Dent NEV Sales

Welcome to Caixin’s Tech Insider, your twice-weekly wrap on the movers, shakers and deal-makers in China’s tech scene.

ByteDance puts fintech ambitions on ice

TikTok-owner ByteDance Inc. is getting out of the securities business as Chinese regulators continue to heap pressure on local internet giants’ forays into financial services.

A ByteDance subsidiary has agreed to sell 100% of its stake in Beijing Wenxing which operates Dolphin Stock, an app that provides stock market data and news. ByteDance is also planning to shut down or sell off its other securities businesses, a company rep told Caixin.