A leading company focused on virtual transformation.
The sale of TikTok’s U.S. operationsA domestic customer, probably Microsoft or Oracle, destabilized after China rewrote its generation export regulations to veto the process.
According to the Wall Street Journal, negotiators at ByteDance, TikTok’s parent company, and their main suitors planned to advance their talks over the weekend, but set aside plans in compliance with the new rules.
The Chinese government on Friday released an update by its government on how the generation can be exported, adding 23 new generation categories that require government approval before being sold.
They come with voice popularity, text popularity and code to make personalized recommendations.
Chinese officials have explicitly stated that the sale of TikTok will be affected by these regulations.
However, the Journal and Bloomberg cited resources claiming that the update of generation export regulations, which were last replaced in 2008, was made with the TikTok agreement in mind.
Chinese official news firm Xinhua said Sunday in an article quoting a government industry adviser who said ByteDance will “have to abide by” the new rules.
ByteDance issued a Sunday saying he was aware of the new regulations and would comply with them.
China’s intervention added a new layer of complexity to the sale of TikTok, through a current U.S. ban on its operation contained in an executive order through President Donald Trump.
TikTok is suing Trump’s management to block the ban, while negotiating with prospective buyers at the same time.
Analysts and commentators have warned that TikTok’s U.S. operations are in the middle of the world.But it’s not the first time They can sell for more than $20 billion.