Hu Xijin tweeted: China will not approve the TikTok agreement at this stage

(Observer Network News) On the evening of September 21, Hu Xijin, the chief editor of the Global Times, tweeted: "According to my understanding, the Chinese government will not approve the current agreement between TikTok's parent company, Byte Beat, Oracle and Wal Mart, because it will endanger China's national security, interests and dignity.".
According to the statement released by Byte Beat on the 20th, Byte Beat reached a principled consensus with Oracle and Wal Mart on the "California on the Cloud" scheme, and the three parties will reach a cooperation agreement meeting the legal requirements of the United States and China as soon as possible according to this consensus.
However, Hu Xijin wrote on his microblog on the evening of the 21st that from the information given by the US side, the current agreement "is obviously unfair and unilaterally caters to the unreasonable requirements of Washington": the newly formed Board of Directors of TikTok Global will be composed of five people, four of whom need to be American citizens, and only one can be Chinese.
Moreover, the board of directors will include a national security director, whose appointment needs to be approved by the United States government.
Oracle has access to review TikTok Global's source code and all updates.
Since TikTok's source code and dithering's source code should be the same source, this means that the US side will be able to understand the core technology of dithering.
TikTokGlobal will take charge of TikTok's business in all parts of the world except China, and it will prevent IP from accessing the program in mainland China.
This means that Americans can control TikTok's global business through this transaction, and discriminate against Chinese people to visit it.
TikTok Global is a 100% owned subsidiary of Byte Beat, headquartered in the United States.
TikTok Global plans to launch a small round of pre IPO financing.
After financing, TikTok Global will become a holding subsidiary with 80% of the shares held by Byte Beat.
According to insiders, TikTok will start a round of pre IPO financing in the near future, and Oracle and Wal Mart will invest nearly 100 billion yuan (about $12.5 billion) in this round of financing.
After the completion of this round of financing, the post investment valuation of TikTok will reach nearly 500 billion yuan (about US $62.5 billion).
At the same time, byte beating will continue to control TikTok, and Oracle and Wal Mart will respectively obtain 12.5% and 7.5% shares of TikTok.
Trump, who had previously said that he "agreed to the deal in principle", changed his mind again.
In an interview on the 21st, he announced that if Byte Beat kept control of any TikTok Global, he would not approve the agreement between Byte Beat and Oracle and Wal Mart.
The Global Times also released an editorial on the 21st, saying that these provisions fully demonstrate Washington's bullying and bandit logic, and damage China's national security, interests and dignity.
As a country, and also a big country, China will not yield to the intimidation of the United States and accept an "unequal treaty" against Chinese enterprises.
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