New rules by China makes ByteDance’s Zhang Yiming rethink TikTok options
China's last-minute entry into the process raises the odds that Zhang will hold on to the US operation beyond the stated US deadlines or even back out of a deal altogether
Hong Kong/Beijing — As US President Donald Trump threatened to ban the US operations of the hit app TikTok, Chinese parent ByteDance’s choices seemed to be limited to selling the business for $20bn-$30bn or leaving empty-handed.
But after China signalled it will get involved in any deal’s approval, ByteDance founder Zhang Yiming is reconsidering his options and weighing the implications of Beijing’s involvement, according to people familiar with the matter. The company’s regulatory team and deal negotiators are huddling to discuss whether it’s still possible to craft a sale that can win approval from both governments, an acquirer, venture investors and ByteDance itself, said one of the people, asking not to be named because the matter is private...
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