On the evening of September 21, Beijing time, Hu Xijin, editor-in-chief of the Global Times, wrote in Twitter :" According to my understanding, Chinese government will not approve the current agreement between TikTok parent company byte beat and Oracle and Wal-Mart. because the agreement will endanger China's national security, interests and dignity ".
According to the statement issued on the 20th, byte beat reached a principled consensus with Oracle and Wal-Mart on the "cloud plus state" plan, according to which the three parties will reach a cooperation agreement as soon as possible to meet the of the United States and China.
On the evening of the 21st, however, Hu Xijin, in Weibo, said that according to the information given by the United States, the agreement at this stage was "obviously unfair and unilaterally pandered to Washington unreasonable demands ":
A new TikTok Global board will consist of five members, Four of them need American citizen, Only one person can be Chinese. And the board will include a national security director, Appointment of the director is subject to the approval of the United States government. Oracle has access to the source code of the review TikTok Global and all updates. Because the source code of the TikTok and the source code of the shaking sound should be homologous, This means that the US will be able to understand the core technology of shaking sound. TikTokGlobal will be in charge of TikTok business all over the world except China, Meanwhile, it will prevent Chinese mainland IP from accessing the program. And that means that Americans can take control of TikTok global business through this deal, and discriminatory exclusion of Chinese from visiting it.
TikTok Global is a 100% subsidiary of Byte Jump, headquartered in the United States. TikTok Global plan to launch a small proportion of Pre-IPO financing, after which TikTok Global will become a holding subsidiary holding 80% of Byte beat.
According to insider, TikTok will start a round of Pre-IPO financing in the near future, Oracle and Wal-Mart will invest nearly 100 billion yuan in this round of financing (about $12.5 billion). Upon completion of the round, TikTok post-investment valuation will reach nearly 500 billion yuan (about $62.5 billion), Meanwhile, Byte beats will continue to control TikTok, Oracle and wal-mart will get TikTok 12.5% and 7.5% respectively.
Trump, that had previously said "agreed in principle to the deal" had changed their minds. He said in an interview on the 21st that if the byte beat maintains any TikTok Global control, then he will not approve the byte jump agreement with oracle and wal-mart.
Global Times also released a social commentary on 21, said the provisions are very fully demonstrated Washington bullying and bandit logic, while undermining China's national security, interests and dignity. As a country, and as a big country, China will not succumb to US intimidation and accept an "unequal treaty" against Chinese enterprises ".
