Will TikTok's Parent Company ByteDance Sell its Fintech Business?
On September 2, Chinese media reported that "Bytedance," which operates the short video platform "TikTok" from China, is considering selling its securities brokerage business. The cause of the sale is believed to be related to the recent increase in scrutiny of large companies' fintech businesses by the Chinese government. According to sources, ByteDance plans to prioritize growth-prone businesses such as online shopping and games as a future growth strategy, and it has pointed out that the fintech business is less important than these businesses.
Sources: Reuters "China ByteDance Plans to Shrink its Fintech Division and Sell Securities Business" （September 2, 2021）（link available in Japanese only）
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