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.
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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.
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.
ByteDance is working with US regulators to resolve outstanding security concerns over its planned sale of a stake in TikTok, and the companies involved are bracing for the approval process to drag on past the November election.
Just a few days ago, the TikTok deal looked like a win for China. Now its state-run media are denouncing it as “an American trap” and a “dirty and underhanded trick”.
Chinese state media blasted Oracle’s proposed deal with the hit video app TikTok, calling the agreement hammered out under pressure from the Trump administration a “dirty and underhanded trick”.
China is unlikely to approve an “unfair” deal Oracle and Walmart said they have struck with ByteDance over the future of video-streaming app TikTok, the state-backed Global Times newspaper said in an editorial.
The TikTok sale saga reached an apparent conclusion over the weekend when US President Donald Trump approved a deal. But the harmony was short-lived.
Doubts emerged on Monday about Oracle’s deal to take over TikTok as US President Donald Trump said he may still renege on his approval and the Chinese government signalled reluctance.
ByteDance has emphasised it will remain in control of a hived-off TikTok Global business, appearing to contradict US President Donald Trump’s statements about how the new entity will be directed by Americans.