Chinese company Byte Jumping will not sell its U.S. business to either Microsoft or Oracle, CCTV’s China Global Television Network (CGTN) said Monday, citing sources. The sources said that Byte Jump will also not hand over its source code to any U.S. buyers.
On Monday, at a regular press conference at the Chinese Foreign Ministry, spokesman Wang Wenbin responded to a question about the TikTok sale by saying that TikTok was being “hunted” in the U.S. and that it was a typical government coerced deal. China firmly opposes this, and will firmly support the relevant enterprises to safeguard their legitimate rights and interests, and firmly uphold international economic and trade rules.
Reuters reported on Monday that ByteTok intends to establish a partnership with Oracle instead of selling TikTok’s U.S. business directly, hoping to please the Chinese government and circumvent the U.S. ban at the same time.
The South China Morning Post (SCMP) reported on Monday that the source code of TikTok’s algorithm will not be sold or transferred to U.S. buyers, but it is possible that TikTok’s U.S. technical team will develop new algorithms. In other words, ByteTok may sell TikTok’s framework, but keep its core business.
As a result of China’s sudden revision of the “Catalogue of Technologies Prohibited from Export and Restricted from Export” at the end of August, the TikTok deal needs to be approved by Chinese authorities first. In response to this, Internet insider Yu Zili told us that the Chinese authorities are bluffing about controlling the export of technology. In his opinion, byte-hopping doesn’t really have high technical content.
Yu Zili: In fact, how valuable are these data from TikTok? I don’t know, but it (the Chinese authorities) just thought, why should I compromise with you? The data should contain the personal information of some Americans, and handing over all these data to you (the US company) will probably become a proof that I have collected the personal information of you Americans, so he would rather kill the DEAL than compromise with you.
Mr. Yu added that TikTok has a good future in the U.S. and that the Chinese government’s forcible intervention makes it impossible for Chinese-funded overseas companies to develop normally. I believe the founder, Zhang Yiming, and the investors are very sad that the deal failed and TikTok lost all its initial investment.
I believe that Zhang Yiming and the investors of Shakespeare, the investors of TikTok, are very distressed that the Chinese government has killed the DEAL (deal). Hey, Zhang Yiming their heart is itchy with hatred, that can’t be helped, this is a government action.
Trump said earlier that he would not extend the deadline for Byte Jump to sell TikTok on Tuesday (15). Trump’s close ally in Congress, Republican Senator Josh Hawley, also said earlier that he was not in favor of any option other than a full sale. At one point on Sunday (13), news broke that Oracle would take over TikTok’s U.S. operations. Then Oracle’s stock price surged.
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