Oracle(US:ORCL) 美股IPO·2025-09-16 12:14Core Viewpoint - The article discusses the recent developments regarding TikTok's operations in the United States, highlighting a framework agreement reached between the U.S. and China that outlines the future governance and data management of TikTok in the U.S. market [1][3][4]. Group 1: Agreement Details - The U.S. and China have reached a basic framework consensus on TikTok, with ongoing discussions about the specifics of the agreement [1]. - Under the new agreement, ByteDance's ownership in TikTok's U.S. operations will be reduced to 19.9%, while Oracle and Walmart's consortium will hold 40% [3][4]. - U.S. private equity firms will own 30%, and other international investors will hold 10.1% [5]. Group 2: Governance and Oversight - TikTok U.S. will establish an independent board of directors, with at least 5 out of 7 members being U.S. citizens, and will include a government-approved observer [4][5]. - A "Data Security Joint Oversight Committee" will be formed to review data flow and logs quarterly, ensuring that user data is not transmitted to China [4][5]. Group 3: Operational Structure - TikTok's U.S. operations will be managed by a U.S. team under a delegated operational model, while ByteDance retains rights for compliance review of core technology [5]. - ByteDance will grant a 10-year license for algorithm usage to TikTok U.S., ensuring compliance with Chinese data export regulations [5].