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Caixin

ByteDance to exit securities business as China tightens rules

TikTok owner's subsidiary agrees to sell entire stake for $3.16m

Beyond selling its Wenxing stake, ByteDance is shutting down or planning to sell all its other securities businesses.   © Reuters

TikTok owner ByteDance is set to sell or shut down all of its securities businesses amid the tightening regulatory environment for Chinese internet giants' financial operations, Caixin has learned.

A ByteDance subsidiary has agreed to sell 100% of its stake in Beijing Wenxing Online Technology to Chinalin Securities for 20 million yuan ($3.16 million), according to a filing released by Chinalin Securities on Monday.

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