China Claims Unfair Agreement, TikTok Not Sold?

 China has reportedly refused to approve an 'unfair deal' involving the purchase of ByteDance operations in the United States (US) by Oracle Corp and Walmart Inc.

Oracle and Walmart have announced that they will 'set up' a new company under the name TikTok Global. The board of directors of TikTok Global is mostly made up of Americans, the purpose of which is to ease the pressure of the administration of the President of the United States (US), Donald Trump who previously planned to block TikTok applications in the US for security reasons.

On the other hand, ByteDance stated that TikTok Global will be its subsidiary in the US with 80% ownership.

"It is very clear that these terms have shown Washington's bullying attitude. They hurt China's national security, interests, and dignity.

"From the information provided by the US, the agreement is not fair. The deal only met Washington's absurd demands. It is difficult for us to believe that Beijing will agree to such an agreement, "the Chinese news agency Global Times said yesterday.

The Chinese government has so far refused to provide further details on the contents of the agreement, although its foreign ministry has repeatedly urged the US to offer a fair environment and not discriminate against foreign firms.

The purchase agreement requires approval from the Beijing and Washington authorities.

Earlier, ByteDance, Walmart, and Oracle stated that they had reached an agreement that met Trump's demands.