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Beijing-based ByteDance, the proprietor of worldwide 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, the town’s on-line mental property database reveals.
The trademark software is being “examined”, based on the database, and areas of enterprise it utilized for embody “computerised financial information services, stock trading, brokerage services, and stock exchange quotations.”
The enterprise remains to be in its infancy and ByteDance at the moment has only one full-time worker assigned to it, based on an individual accustomed to the state of affairs.
The firm 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 data is not public.
ByteDance didn’t instantly reply to a request for remark.
The firm 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 can also be making an attempt to avert a ban on TikTok in the United States and is in talks with Microsoft and Twitter to promote its enterprise there.
Other sources mentioned that ByteDance’s is prioritising enlargement into training expertise and gaming, somewhat than monetary expertise.
However, a Beijing-based fintech banker who spoke on situation of anonymity, mentioned that it made sense for the tech big to discover alternatives in Hong Kong somewhat than the mainland, the place the net wealth administration market is dominated by Alibaba’s affiliate Ant Group.
Other Chinese-owned on-line stockbrokers in Hong Kong embody Tiger Brokers and Tencent-backed Futu.
© Thomson Reuters 2020
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