ByteDance sells loss-making securities unit to local brokerage as world’s most valuable unicorn retreats from financial services

Feb 22, 2022 | INVESTING

TikTok owner ByteDance, which is pulling back from some business sectors under scrutiny from Beijing, has sold an intelligent stock market investment product to local brokerage ChinaLin Securities.The deal priced ByteDance’s wholly-owned subsidiary Beijing Wenxing Online Technology Co Ltd at 20 million yuan (US$3.16 million), ChinaLin said in a statement posted on the Shenzhen Stock Exchange website.The securities business operated the Dolphin Stock app, launched in 2017 as ByteDance’s debut in…

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