ByteDance, the owner of TikTok, has said that it would shrink its financial services unit.
ByteDance also intend to sell its stock broking operations amid China’s tightening grip on the financial technology (fintech) sector.
ByteDance operates Songshu Zhengquan, which translates to Squirrel Securities, in Hong Kong, and Haitun Gupiao, or Dolphin Stocks, in mainland China.
Sources have said that ByteDance has never prioritised fintech expansion, and that it has focused on sectors including e-commerce and gaming as its new sources of growth.
ByteDance also operates Douyin Pay, its own third-party mobile payment, to facilitate users on e-commerce transactions on short video app Douyin, the Chinese version of TikTok.