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ByteDance Can List A Business In Hong Kong Or Shanghai Separately From TikTok

ByteDance Can List A Business In Hong Kong Or Shanghai Separately From TikTok

Beijing-based ByteDance intends to list the Chinese part of its business on the Hong Kong or Shanghai stock exchange separately from its subsidiary TikTok, which is focused on foreign markets. As Reuters reported on Friday, citing its sources, such a division may occur against the background of us restrictive measures against TikTok.

At the same time, ByteDance may list its overseas business, which includes TikTok, on one of the stock exchanges in Europe or the United States. At the same time, ByteDance was previously going to enter the Hong Kong or New York stock exchange together with its subsidiaries, the Agency said.

TikTok allows users to post short videos on the social network of the same name. This app is only available outside of the PRC; it is an analog of the Douyin app launched in China in 2016.

On July 6, US Secretary of state Michael Pompeo said that the US does not rule out the possibility of blocking TikTok on the territory of The country, amid allegations that the social network's management is allegedly engaged in propaganda and transmits user data to the Chinese authorities. On July 20, the US House of Representatives approved an amendment to the draft defense budget for the next fiscal year (starting in the country on October 1) to ban the use of TikTok in government agencies.

Chinese Foreign Ministry spokesman Wang Wenbin said on July 21 that information about Tiktok malware distributed by the US is not true.

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