TikTok美国运营方案将包含两个主体

Core Viewpoint - The U.S. government has approved a new operational structure for TikTok in the U.S., involving a joint venture for data security and a separate entity for business operations, with ByteDance retaining significant control [3][4][5]. Group 1: Operational Structure - The new operational model includes two main entities: BD TikTok US, fully owned by ByteDance, responsible for commercial operations, and TikTok USDS Joint Venture, which will handle data security and local business operations, with ByteDance holding a 19.9% stake [3][4]. - The TikTok USDS Joint Venture is valued at $14 billion, while the overall TikTok U.S. business is valued at nearly $40 billion [4]. Group 2: Algorithm Control and Compliance - The agreement mandates the introduction of "trusted U.S. security partners" to monitor software updates, algorithms, and data flows, ensuring that U.S. user data is managed securely [5]. - ByteDance will retain intellectual property rights to TikTok's algorithms, allowing the joint venture to use them under a licensing agreement, pending approval from Chinese authorities [5]. Group 3: Regulatory Context - The executive order is part of a broader legislative framework aimed at protecting U.S. interests against foreign control of applications, with TikTok being classified as a "foreign adversary" under the Protecting Americans from Foreign Adversaries Act [5]. - The order reflects ongoing negotiations between the U.S. and China regarding TikTok, with both sides expressing a desire for a solution that respects market rules and legal frameworks [6]. Group 4: Financial Performance - TikTok is a key growth driver for ByteDance, with overseas revenue expected to grow by 63% in 2024, accounting for about one-quarter of the company's total revenue [7]. - TikTok's revenue for 2024 is projected to be $23 billion, representing a year-on-year growth of approximately 43% [7].