ByteDance, the parent company that owns TikTok, has sold an intelligent stock market investment product in its ongoing attempts to extract itself from certain business sectors under scrutiny from Beijing, reports the South China Morning Post. The deal priced ByteDance’s wholly-owned subsidiary Beijing Wenxing Online Technology at RMB 20 million ($3.16 million), ChinaLin Securities, the buyer, said in a statement posted on the Shenzhen Stock Exchange website.
The securities business operated the Dolphin Stock app, launched in 2017 as ByteDance’s debut in the financial services industry. The app “intelligently tracks the market, provides fast information and performance analysis,” according to its website.
It had more than 12 million users in total and 320,000 monthly active users as of September 2021, China Business Journal reported, citing an unnamed source from ChinaLin.