How ByteDance Emulated Alibaba To Tide Through China's Fintech Crackdown?

September 2, 2021 4:55 PM | 1 min read | Make a Comment

TikTok parent ByteDance will shrink its financial services unit and planned to sell its stockbroking operations in response to China's fintech crackdown, Reuters reported.
ByteDance operates Songshu Zhengquan, which translates to Squirrel Securities in Hong Kong, and Haitun Gupiao, or Dolphin Stocks, in mainland China.
ByteDance's decision also reflects its focus on e-commerce and gaming.
ByteDance also operates Douyin Pay, its third-party mobile payment, to facilitate e-commerce transactions on the short video app Douyin.
Recently, Alibaba Group Holding Ltd BABA owned Ant Group invited state-backed firms to acquire a stake in the fintech giant to revive its IPO.
Price Action: BABA shares closed lower by 0.72% at $172 on Thursday.