Social network firm Reddit said on Sunday ithat t would buy short-video platform Dubsmash, becoming the latest company to expand in a space dominated by Chinese-owned TikTok.
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A deadline set by the Trump administration for the forced sale of TikTok’s US assets is expected to come and go on Friday night without a final deal, according to people familiar with the discussions.
TikTok-owner ByteDance is on track to generate at least $27.2-billion in advertising revenue in China alone this year, which will cement its number two spot in China’s digital ad market, sources said.
ByteDance, the Chinese parent company of TikTok, has filed a petition with a US appeals court challenging a Trump administration order set to take effect on Thursday requiring it to divest TikTok.
China’s technology industry, one of Donald Trump’s main targets in Washington’s tussles with Beijing, hopes Joe Biden can create a more constructive relationship – but few think the rivalry will de-escalate.
ByteDance is in discussions over a $2-billion financing round before listing some of its businesses in Hong Kong, people familiar with the matter said, as talks over a sale of TikTok to Oracle and Walmart stall.
Chinese President Xi Jinping has called for setting up independent and controllable supply chains to ensure industrial and national security, just as the US moves to cut China off from key exports.
The Trump administration lost a bid to enforce its prohibitions against the Chinese-owned “super app” WeChat in the US after appealing a judge’s ruling that the ban probably violates the free-speech rights of its users.
China is set to pass a new law that would restrict sensitive exports vital to national security, expanding its toolkit of policy options as competition grows with the US over access to modern technologies.
China said at a World Trade Organisation meeting that restrictions by the US on Chinese mobile applications TikTok and WeChat are in violation of the body’s rules, a trade official said.