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Is TikTok Owned by China?
A US Senate inquiry has asked the question, Is TikTok owned by China. The answer is no, but TikTok has been controlled by the CCP since its establishment as a legal entity in May. But is Beijing Douyin Information Service Limited actually owned by China? Let’s find out. Beijing Douyin Information Service Limited is owned by the CCP. Nonetheless, it’s not clear what the relationship between TikTok and Beijing Douyin Information Service Limited is.
ByteDance
A small stake in ByteDance, the company behind the worldwide hit short video app, has been taken by a Chinese government fund. The move comes as Beijing tightens its grip on major internet platforms. But the company says it has no plans to change the way it operates. Read also : Is There a TikTok For Adults?. For now, it will continue to focus on its international expansion. As the company continues to grow, it’s possible that it will become an even bigger player in the global market.
As an example, TikTok has recently announced that its data centers are now in the U.S., which will prevent Chinese officials from accessing sensitive data. However, ByteDance maintains that its employees only access non-sensitive data. This data includes public videos and comments left on the videos. As a result, it’s possible that Chinese officials could still access this data through its Beijing offices.
The company’s internal party committee is headed by Vice President Zhang Fuping. Members of the party committee study President Xi Jinping’s speeches regularly and pledge to follow the party’s lead in technological innovation. However, it’s unclear whether such actions are necessary. If so, China should stop using the app for political purposes. It would be better to restrict its use of the platform to entertain users.
ByteDance is now expanding beyond the video-sharing service TikTok. The company has a stake in several Chinese apps, including Douyin. Last year, it had 28% of China’s digital advertising market – well ahead of rivals Baidu and Tencent. The company is also growing rapidly. The stake in TikTok gives Chinese companies more freedom to expand.
Despite this controversy, senior Biden administration officials remained concerned about the risks Chinese apps posed. They wanted to create a more rigorous review process, but this ban was halted after a court challenge. The Trump administration’s order is still under scrutiny as it faces legal challenges. In a recent interview, Cunningham said that the involvement of China does not change the national security assessment of TikTok.
Beijing Douyin Information Service Limited
ByteDance, the Chinese owner of TikTok, has changed its name. The company will now go by the name of Douyin, the Chinese equivalent of the popular video-sharing app. On the same subject : Why TikTok is Not Working Today 2022. As part of its restructuring, Beijing Douyin Information Service Limited, a subsidiary of ByteDance, has also changed its name. The company is considering an IPO for Douyin in Hong Kong, according to Tianyancha, a Chinese business registry.
The CEO of TikTok says the company is already in compliance with U.S. data protection rules and has completed steps to lock down user data. He adds that the company is working with two major U.S. companies to develop a more robust review process. As a result, the company is pushing the boundaries of the law, which could also be tied to the company’s parent ByteDance’s challenges.
As of May 6, 2016, Beijing Douyin’s daily active users in China topped 600 million, contributing to most of ByteDance’s domestic revenue. The company has hired a veteran capital markets attorney, Julie Gao, as its chief financial officer. Gao has advised numerous Chinese technology companies on their public listings. Douyin faces fierce competition from Chinese startup Kuaishou, which was listed in Hong Kong in February.
The company also denies any Chinese government control over the app, which is now a top priority for the Biden administration. The CEO also denies that China-based employees have access to sensitive user data. Meanwhile, the company says it will continue to work with the Biden Administration to finalize its deal. In the meantime, Beijing Douyin will continue to defend TikTok’s security procedures and assure its users’ privacy.
The new Chinese version of the company has launched a payment platform called Douyin Pay, intended to supplement the two major payment channels and improve user experience. It’s interesting to note that users of Douyin have previously used Tencent Holdings’ WeChat Pay or Ant Group’s Alipay. Although a payment system like these has been ubiquitous in China, it has been difficult to use abroad.
