ByteDance says it will shrink fintech business, plans to sell stock broking ops

Photo: REUTERS

Beijing-based ByteDance, the owner of TikTok, said on Wednesday that it would shrink its financial services unit and that it planned to sell its stock broking operations amid China’s tightening grip on the financial technology (fintech) sector.

ByteDance operates Songshu Zhengquan, which translates to Squirrel Securities, in Hong Kong, and Haitun Gupiao, or Dolphin Stocks, in mainland China.

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