On the evening of September 23, Beijing ByteDance Technology Co., Ltd. released the “Instructions for Submitting Applications” on its Toutiao official 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 China’s Export Prohibited and Restricted Technologies.” ByteDance has submitted an application for permission to the Beijing Municipal Bureau of Commerce and is waiting for the acceptance decision of the Beijing Municipal Bureau of Commerce.
ByteDance recently stated in the “Notes on Some False Rumors on TikTok” that in order to ensure that 100 million American users can continue to use TikTok, meet the regulatory requirements of the US government, and strengthen TikTok’s U.S. business. ByteDance, Oracle, and Wal-Mart’s response to TikTok Cooperation forms a consensus in principle.
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 a 100% subsidiary of ByteDance, headquartered in the United States. TikTok Global plans to launch a small round of Pre-IPO financing. After the financing, TikTok Global will become an 80% holding subsidiary of ByteDance.
The current plan does not involve the transfer of any algorithms and technologies. Oracle has the authority to check the source code of TikTok USA.