HONG KONG — TikTok owner ByteDance would prefer to shut down its loss-making app rather than sell it if the Chinese company exhausts all legal options to fight legislation to ban the platform from app stores in the US, four sources said.
TikTok owner ByteDance would prefer to shut down the app rather than sell it, sources say.
In response to a Reuters request for comment, a TikTok spokesperson referred to ByteDance's statement posted on Toutiao. ByteDance does not publicly disclose its financial performance or the financial details of any of its units. The company continues to make most of its money in China, mainly from its other apps such as Douyin, the Chinese equivalent of TikTok, separate sources have said.
It would be impossible to divest TikTok with its algorithms as their intellectual property licence is registered under ByteDance in China and thus difficult to disentangle from the parent company, said the sources. China indicated it would be likely to reject a forced divestment of the TikTok app during a US congressional hearing in March last year.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ByteDance prefers TikTok shutdown in US if legal options fail: SourcesHONG KONG: TikTok owner ByteDance would prefer shutting down its loss-making app rather than sell it if the Chinese company exhausts all legal options to fight legislation to ban the platform from app stores in the US
Read more »
ByteDance prefers TikTok shutdown in US if legal options fail: ReutersHONG KONG: TikTok owner ByteDance would prefer shutting down its loss-making app rather than sell it if the Chinese company exhausts all legal options to fight legislation to ban the platform from app stores in the US
Read more »
China bubble tea chain Chabaidao plunges on Hong Kong debutHONG KONG: Shares in Chinese bubble-tea chain Baicha Baidao plunged nearly 40 per cent on its first trading day in Hong Kong on Tuesday, in a fresh blow to the finance hub's efforts to revive its markets. The Chengdu-based company, which is also known as Chabaidao, raised about HK$2.
Read more »
April 24 Hong Kong (Happy Valley) form analysisRace 1 (1,000m) 1 Beauty Waves broke through in style last start. He is a nice horse, and further progression is expected, especially with Zac Purton retaining the ride. He will take a bit of beating this...
Read more »
Chinese bubble tea maker Chabaidao slumps in Hong Kong's biggest 2024 debutChinese bubble-tea maker Chabaidao, listed as Sichuan Baichar Baitao, plunged more than 38 per cent at one point in Hong Kong. The stock closed nearly 27 per cent lower at 12.80 Hong Kong dollars apiece.
Read more »
India tells spice makers to verify quality after Hong Kong allegations, Singapore recallEverest counts Bollywood stars Amitabh Bachchan and Shah Rukh Khan as its brand ambassadors.
Read more »