Index heavyweight Naspers dropped 4.4% after US President Donald Trump signed a pair of executive orders prohibiting US residents from doing business with the Chinese-owned TikTok and WeChat apps.
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Washington’s plan to ban certain technologies of Chinese origin is a sign of “madness” in US secretary of state Mike Pompeo, China’s state-backed tabloid Global Times wrote in an editorial on Thursday.
The Trump administration’s move to ban US residents from doing business with Tencent’s WeChat app rippled through Chinese markets, erasing $46-billion from the Internet giant’s market value.
The Trump administration said on Wednesday it was stepping up efforts to purge “untrusted” Chinese apps from US digital networks and called TikTok and WeChat “significant threats”.
When US President Donald Trump declared TikTok a threat to American national security, there were more than a few people who thought, “What’s that?”
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Facebook rolled out its own version of social media rival TikTok in more than 50 other countries on Wednesday, embedding a new short-form video service called Reels as a feature in Instragram.
President Donald Trump’s unprecedented demand that the US get a cut of the proceeds from the forced sale of TikTok is based on an interpretation of law that may be open to challenges.
A US investigation into ByteDance’s TikTok is really intended to smother a Chinese-owned app that’s become a sensation with Americans, founder Zhang Yiming told employees in China.
China will not accept the “theft” of a Chinese technology company and is able to respond to Washington’s move to push ByteDance to sell TikTok’s US operations, the China Daily newspaper said.