BEIJING, Sept 2 ― Beijing-based ByteDance, the owner of TikTok, said yesterday 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.