Beijing-based ByteDance, the proprietor of worldwide quick 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, the town’s on-line mental property database reveals.
The trademark software is being “examined”, in accordance with the database, and areas of enterprise it utilized for embody “computerised monetary info companies, inventory buying and selling, brokerage companies, and inventory change quotations.”
The enterprise continues to be in its infancy and ByteDance at the moment has only one full-time worker assigned to it, in accordance with an individual accustomed to the scenario.
The corporate has obtained a license however any official launch of the net stockbroker enterprise is just not 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 legislation on the semi-autonomous metropolis. It’s also 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 enlargement into training expertise and gaming, moderately than monetary expertise.
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 moderately 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 embody Tiger Brokers and Tencent-backed Futu.
© Thomson Reuters 2020
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