Chinese tech unicorn ByteDance Ltd., owner of the hugely popular short video app TikTok, is anticipating a loss of more than $6 billion after three of its apps were banned in India early this week, reported Caixin.
That amount is most likely more than the combined losses for all the other Chinese companies behind the other 58 apps banned in India, Caixin sources said.
On Monday, India announced an unprecedented ban on national security grounds on the use of 59 China-developed apps in the domestic market.
The ByteDance apps banned were its short video platforms TikTok and Vigo Video, as well as its social networking app Helo. Tencent’s messaging platform WeChat and five of its other apps were also on the hit list. Other big tech China firms, including Alibaba and Baidu, also had popular products banned.