On the evening of September 23, Beijing ByteDance Technology Co., Ltd. released the “Application Submission Guide” on its official Toutiao account.
ByteDance stated that in accordance with the Regulations of the People’s Republic of China on the Administration of Technology Import and Export and the Catalogue of Technologies Prohibited and Restricted from Export in China, the company has submitted a license application to the Beijing Municipal Bureau of Commerce and is currently awaiting the bureau’s decision on acceptance.
ByteDance recently stated in “Explanation on Some False Rumors About TikTok” that in order to ensure that 100 million American users can continue using TikTok, meet U.S. government regulatory requirements, and strengthen TikTok’s U.S. operations, ByteDance, Oracle, and Walmart have reached a preliminary consensus on a cooperation plan for TikTok.
The three parties will advance the negotiation in accordance with the relevant consensus and hope to reach a cooperation agreement that meets the legal requirements of the United States and China as soon as possible.
ByteDance pointed out that TikTok Global is its wholly-owned subsidiary, headquartered in the United States. TikTok Global plans to launch a small-scale pre-IPO financing round. Once financing is complete, TikTok Global will become a subsidiary of ByteDance, with ByteDance holding an 80% stake.
The current plan does not involve the transfer of any algorithms or technologies. Oracle has the right to inspect the source code of TikTok’s U.S. company.
