BEIJING : Beijing-based ByteDance, the owner of TikTok, said on Wednesday that it would shrink its financial services unit and that it planned to sell its stock broking operations amid China's tightening grip on the financial technology sector.
China recently has been tightening scrutiny towards the fintech sector, requiring companies to set up financial holding companies if they meet requirements to do so, as Alibaba's fintech affiliate Ant Group was forced to do earlier this year, a move that tightens capital requirements.
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Cultural Revolution 2.0. Even your personal ideas are sanctioned.
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Hong Kong dismisses business pushback over 'zero-Covid' strategyHONG KONG — Hong Kong's leader doubled down on her zero-Covid strategy on Tuesday (Aug 31), brushing off growing pushback from the business community over the city's indefinite international isolation.
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