What’s new: Chinese internet giant ByteDance Inc., owner of the TikTok app, said it is not involved in the securities brokerage business after people found they could open stock trading accounts through a new app the company launched ostensibly to provide stock market information.
ByteDance said on Wednesday that the app, which could be translated into “dolphin stock,” is a platform only providing information and linking services. Investors could open stock trading accounts and have access to trading services but only by clicking through links provided by securities companies within the app, it said.
What’s the background: In recent years, more and more Chinese securities companies have cooperated with big internet platforms in the hope of obtaining more clients. But the online platforms alone can’t provide stock account opening services themselves unless they obtain a securities brokerage license from the country’s securities regulator.
Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.
Related: Inside ByteDance, the $75 Billion Unicorn Behind TikTok
