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Deepti Sri · · 1 min readByteDance in talks to sell its securities business
“Chinese media outlet LatePost reported on Wednesday that ByteDance plans to sell its securities business. The business currently has an overall valuation of about US$77 million to US$155 million. ByteDance responded that the company is planning to shrink its financial businesses including selling the stockbroking business in China,” Pandaily reported.
Details:
- ByteDance has reportedly been in talks with investment institutions including China International Capital Corporation, CITIC Group, Fosun International, Niuguwang, and East Money to sell its securities-related subsidiaries. Two of the investors it approached have expressed an interest in the sale, according to the report.
- ByteDance initiated the sale of its securities units in the first half of 2021 and said it would not “engage in the business of securities in the future,” said Pandaily.
Dive deeper:
- Among the subsidiaries up for sale are stock market software Dolphin Stock and brokerage Squirrel Securities.
- While Dolphin Stock was launched in 2017, it has only amassed about 133,900 daily active users.
Editing by Collin Furtado and Jaclyn Tiu
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