ByteDance, the owner of TikTok, said 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 sector.
Bloomberg News reported that ByteDance is in talks with HSBC Holdings Plc's private equity arm and a private equity group to sell part of its Hong Kong-based stock market-making unit, which processes trades for the social-video app.
The moves follow a new regulation in China that mandates financial technology firms to register as financial institutions and a review by the central bank. ByteDance said that it is planning to sell its financial services unit as it looks to expand into mobile games and other non-social-video services.
The decision to shrink its financial services unit and the plans to sell its stock broking business also followed ByteDance founder and CEO Zhang Yiming's recent visit to Japan and South Korea to sign a partnership agreement with local tech giants.
ByteDance, which is already facing pressure from regulators in its home market, faced criticism over censorship after China banned its short-video app in the country. The app has become a hit with Chinese millennials and the country's largest video platform, TikTok, has amassed more than 300 million users.
# hydroponic # natural agriculture # Waste Water # accident Lawyers # rainfed agriculture # Agriculture # Watershed Management # Stormwater management solutions # Department of Watershed # Offshore & Maritime Injury Lawyers # agricultural techniques # Personal Injury Examples # environmentally friendly # harmful environmental # Biodynamic Agriculture # temperatures rise # future of farming # future of farming # Nutrient Liquid fertilizer # Insurance Agent # Health Insurance Premiums # Truck Accident Attorney # rainfed agriculture # Watershed Management # rainwater harvesting # offshore accident attorney # environment # Big Rig Accident Lawyer # Stormwater management practices # Auto Accident Lawyer # lawsuit # Houston Maritime Attorney # lawsuit # lawsuit # truck accident lawsuit # photography tips # Mining Efficiency # Mining Efficiency # Waste Management # accident Lawyers # Agricultural Revolution # water scarce # environmentally friendly # Biodynamic # Term Life Insurance Policy # Stormwater Management # Environmental Stress # growing lotus # sustainable food # Annual Premium # Older Florida Home # Hydroponic System # Water Management Systems # lawsuit # Personal Injury Lawyer # lawsuit # truck accident driver # Mining Efficiency # hydroponic # Mining Efficiency
0 Reviews: