ByteDance Holds Firm Against Selling TikTok Despite U.S. Ban Threat

TikTok’s parent ByteDance Ltd. doesn’t plan to sell the unit although the U.S. Congress has threatened to ban the popular short-video platform unless it’s divested from its Chinese owner.

Zhang Yiming, the founder and a major shareholder of Beijing-based ByteDance, steadfastly opposes a sale, several people close to the company told Caixin.

A bipartisan bill passed on March 13 by the U.S. House of Representatives, pending a vote in the Senate, would give TikTok two options—either be divested in 180 days to a non-Chinese owner, or face a ban from app stores and web-hosting services in the U.S.