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| ByteDance abides by Chinese laws as the Tik Tok sale approaches |
ByteDance said it will follow new Chinese regulations on technology export that may make it difficult to sell TikTok business to the US.
China recently updated the list of technologies subject to export restrictions, including in many areas. From speech recognition to chip design.
According to the Chinese Ministry of Commerce, the export list has not been updated since 2008 and companies wishing to export the technologies on the list must obtain government approval.
One limitation of the export list is data-based technology for personal information services.
ByteDance often talks about TikTok's recommendation algorithm that provides videos to users based on many factors such as: b. What they have seen before and their geographical location.
After China submitted its latest export list, the state-backed Xinhua News Agency interviewed Cui Fan, professor of international business at Beijing University of International Economics and consultant. In the state trade.
Fan said ByteDance may need to go through a licensing process.
He added: Regardless of the new owner of TikTok, ByteDance may need to transfer tokens or usage rights from China to overseas and may also need to provide technical services.
ByteDance said it had seen the revised export regulations and meticulously complied with the law.
"We are reviewing the new regulations. As with any cross-border transaction, we will comply with applicable laws, including the laws of the United States and China," said Eric Andersen, ByteDance's general counsel. In a separate press release.
On August 6, US President Donald Trump issued an Executive Order prohibiting any transaction with ByteDance within 45 days. Then, on August 14, Trump issued another order ordering the Chinese company to withdraw Tik Tok from the US within 90 days.
Microsoft and Wal-Mart jointly acquired TikTok, and Oracle is also vying for the acquisition.
Triller CEO Bobby Sarnevecht said bidding and investing company Centricus has made a bid for TikTok, which TikTok rejected outright.
The app has taken legal action against the US government in response to an order Trump issued on August 6 last week that the imminent ban would prevent the company from following the Fifth Amendment's legal procedures.
Washington asserted that TikTok poses a threat to national security. Since Tik Tok can send US data to China, it denies this claim.