ByteDance downsizes finance-related business amid Beijing’s curbs on ‘irrational’ capital expansion

//ByteDance downsizes finance-related business amid Beijing’s curbs on ‘irrational’ capital expansion

ByteDance downsizes finance-related business amid Beijing’s curbs on ‘irrational’ capital expansion

TikTok owner ByteDance, which has been diversifying its business beyond its widely popular short video-sharing app, has decided to downsize its financial services operations amid Beijing’s continued campaign to “prevent the irrational expansion of capital”.“The company is scaling back its finance-related business and plans to sell the securities brokerage operation,” a ByteDance representative said in a statement on Thursday. The Beijing-based tech unicorn did not name the business unit it…

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By | 2021-09-02T14:00:22+00:00 September 2nd, 2021|Technology|Comments Off on ByteDance downsizes finance-related business amid Beijing’s curbs on ‘irrational’ capital expansion