ByteDance looks to exit securities business as fintech rules tighten

FILE PHOTO: TikTok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken Nov. 27, 2019. REUTERS/Dado Ruvic

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. for 20 million yuan ($3.16 million), according to a filing released by Chinalin Securities on Monday.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter