特朗普公布TikTok美国运营方案，合资公司负责数据、内容安全

Core Viewpoint - The new TikTok U.S. operational plan, approved by President Trump, ensures TikTok's continued operation in the U.S. through a joint venture focused on data and content security, with a valuation of $14 billion for the joint venture and approximately $40 billion for TikTok's overall U.S. business [1][2]. Group 1: Operational Structure - The new operational plan consists of two main entities: ByteDance's TikTok U.S. company, which will handle commercial operations, and the TikTok U.S. Data Security Joint Venture, responsible for data and content security [2]. - ByteDance will retain a 19.9% stake in the TikTok U.S. Data Security Joint Venture, making it the largest single shareholder, while the joint venture will seek external investors for capital increase [2]. Group 2: Financial Arrangements - The TikTok U.S. Data Security Joint Venture will bear the costs associated with data and content security, and there will be a reasonable revenue-sharing arrangement between the two entities [2]. - ByteDance will maintain ownership of TikTok's algorithm and will license its use to the joint venture, charging a licensing fee, with the approval process governed by Chinese law [2]. Group 3: Compliance and Market Strategy - The operational model is described as a "delegated operation," where multinational companies may choose to entrust certain operations to local partners for compliance and business reasons [3]. - The new plan aligns with Chinese legal requirements while addressing U.S. concerns regarding data and content security, thus protecting both national interests and the rights of overseas Chinese enterprises [3].