Beijing (PingWest)—ByteDance, parent of TikTok, announced that it has applied for a license in China accordance with the country's tech export requirements.
In order to avoid the Trump administration's ban on TikTok, the Beijing-based company is working hard on reaching an agreement with Oracle and Walmart on TikTok's business in the US.
On August 28, China government revised its list of technologies subject to export restrictions, among which, "recommend personalized information services based on data analysis", a technology that TikTok is good at, has been added to the list.
ByteDance has said that its deal with Oracle and Walmart, which will see the creation of a standalone US company, needs approval from both the US and China.
Previously, the Chinese tech unicorn said it will maintain control and own 80% of the new joint venture TikTok Global, while Oracle and Walmart will only hold 20%.
However, Oracle said that TikTok Global’s majority stake will be in the hands of the US, which is in line with the executive order issued by US President Donald Trump on August 14 that ByteDance needs to hand over the ownership of TikTok within 90 days.
Currently, ByteDance is about 40%-owned by US investors such as venture firms Sequoia Capital and General Atlantic.
The application was submitted to Beijing’s municipal commerce bureau and the company is waiting for a decision, ByteDance said in a statement.