ByteDance looks to exit securities business as fintech rules tighten

ByteDance looks to exit securities business as fintech rules tighten

FILE PHOTO: TikTok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken Nov. 27, 2019. REUTERS/Dado Ruvic

TikTok owner ByteDance Ltd. is set to sell or shut down all of its securities businesses amid the tightening regulatory environment for Chinese internet giants’ financial operations, Caixin has learned.