Beijing-based ByteDance, the owner of global short video hit TikTok, is taking steps to move into the online stock brokerage and wealth management business in Hong Kong, trademark registration documents show.
ByteDance applied last December to register a trademark called Songshu Zhengquan, which translates to Squirrel Securities, in Hong Kong, the city’s online intellectual property database shows.The trademark application is being"examined", according to the database, and areas of business it applied for include"computerized financial information services, stock trading, brokerage services and stock exchange quotations.
The company has obtained a license but any official launch of the online stockbroker business is not imminent, the source added, declining to be named as the information isn't public.The company pulled its hit TikTok app out of Hong Kong in July after Beijing established a new national security law on the semi-autonomous city. It is also trying to avert a ban on TikTok in the United States and is in talks with Microsoft and Twitter to sell its business there.
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