China Will Not Approve the Current TikTok Deal

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China will not approve the current plan for the division of Chinese and US interests in TikTok Global.

 

According to editor-in-chief Hu Xijin of the Chinese newspaper Global Times, the current division endangers China’s national security, interests and dignity.

TikTok Global, which houses the international operations of the popular video app TikTok, is a subsidiary of ByteDance. That Chinese technology company says it will own 80 percent of the shares in TikTok Global.

President Donald Trump announced that he agreed in principle to various transactions involving TikTok. Software company Oracle will acquire 12.5 percent and supermarket group Walmart 7.5 percent of the newly to be established TikTok Global.

In concrete terms, that is a minority interest, but Washington is reportedly taking into account that US investors together already own 40 percent of ByteDance itself. According to that reasoning, TikTok Global, directly or indirectly, is 53 percent US-owned.

The Chinese government has put an end to this agreement, according to the Global Times. The newspaper is usually well informed when it comes to the Chinese government.

The medium is affiliated with the Volksdagblad, which in turn is the official mouthpiece of the Communist Party in the Asian country.

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