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Bytedance Entering Hong Kong’s Online Stock Broking

On August 10th, it was reported that Bytedance, TikTok’s parent company, was actively planning to enter Hong Kong’s Online Stock Broking. Bytedance registered Squirrel Securities in Hong Kong last December and had applied for five licences from the SFC to provide online trading services in stocks, futures and foreign exchange.

As known, Squirrel Securities has applied for SFC licences in categories 1, 4, 5, 6 and 9 to provide securities and futures trading services, advise on securities, futures contracts, institutional financing and provide asset management services.

In early July, TikTok announced that it was ceasing operations in Hong Kong and had removed the service from Google and apple’s app store in the area. Zhang Nan, Chief executive of Bytedance China, has previously said that Douyin has many users in Hong Kong and will continue to provide services to Hong Kong users.TikTok had had 150, 000 users in Hong Kong as of Last August.

Jack Chan

Pre Editor in chief of FirmKnow News.

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