ByteDance TikTok transaction needs to be approved by China

Edit Tik Tok Caption After Posting

August 31 news, according to Bloomberg News, the Ministry of Commerce of China has previously issued a revised “Export Control Product List”. A person familiar with the matter said that in the case of Beijing imposing new restrictions on the export of artificial intelligence technology, Bytedance Will need to obtain the approval of the Chinese government to sell its short video TikTok application business in the United States.

In addition, the person familiar with the matter said that the new rules are aimed at delaying the sale of TikTok, rather than prohibiting it completely. At the same time, it said that TikTok’s transaction may be postponed until after the November U.S. election due to the time required for the approval of the Chinese government .

Naijatechnews has learned that the Ministry of Commerce and the Ministry of Science and Technology have recently adjusted and released the “China’s Export Prohibited and Restricted Export Technologies Catalog”, which clearly mentions a so-called “personalized push technology based on data analysis”, which is also considered It is a clause introduced in response to the TikTok sale. Some experts also said that Bytedance should carefully consider whether to suspend trading.

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