- TikTok parent ByteDance will shrink its financial services unit and planned to sell its stockbroking operations in response to China's fintech crackdown, Reuters reported.
- ByteDance operates Songshu Zhengquan, which translates to Squirrel Securities in Hong Kong, and Haitun Gupiao, or Dolphin Stocks, in mainland China.
- ByteDance's decision also reflects its focus on e-commerce and gaming.
- ByteDance also operates Douyin Pay, its third-party mobile payment, to facilitate e-commerce transactions on the short video app Douyin.
- Recently, Alibaba Group Holding Ltd BABA owned Ant Group invited state-backed firms to acquire a stake in the fintech giant to revive its IPO.
- Price Action: BABA shares closed lower by 0.72% at $172 on Thursday.
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