Beijing-based ByteDance, the proprietor of world brief video hit TikTok, is taking steps to maneuver into the net inventory brokerage and wealth administration enterprise in Hong Kong, trademark registration paperwork present.
ByteDance utilized final December to register a trademark referred to as Songshu Zhengquan, which interprets to Squirrel Securities, in Hong Kong, town’s on-line mental property database exhibits.
The trademark software is being “examined”, in keeping with the database, and areas of enterprise it utilized for embrace “computerised monetary data providers, inventory buying and selling, brokerage providers, and inventory change quotations.”
The enterprise remains to be in its infancy and ByteDance presently has only one full-time worker assigned to it, in keeping with an individual aware of the scenario.
The corporate has obtained a license however any official launch of the net stockbroker enterprise will not be imminent, the supply added, declining to be named as the knowledge is not public.
ByteDance didn’t instantly reply to a request for remark.
The corporate pulled its hit TikTok app out of Hong Kong in July after Beijing established a brand new nationwide safety regulation on the semi-autonomous metropolis. Additionally it is making an attempt to avert a ban on TikTok in america and is in talks with Microsoft and Twitter to promote its enterprise there.
Different sources mentioned that ByteDance’s is prioritising growth into training know-how and gaming, relatively than monetary know-how.
Nonetheless, a Beijing-based fintech banker who spoke on situation of anonymity, mentioned that it made sense for the tech large to discover alternatives in Hong Kong relatively than the mainland, the place the net wealth administration market is dominated by Alibaba’s affiliate Ant Group.
Different Chinese language-owned on-line stockbrokers in Hong Kong embrace Tiger Brokers and Tencent-backed Futu.
© Thomson Reuters 2020