TikTok分拆：字节保住算法，甲骨文入局

Core Viewpoint - TikTok has announced a new operational structure in the U.S. involving a joint venture, TikTok USDS, to address data security and compliance with U.S. regulations while retaining core business operations under ByteDance [4][5]. Summary by Sections New Joint Venture Structure - TikTok will operate in the U.S. through two entities: ByteDance TikTok U.S. Company for commercial activities and TikTok USDS for data security and compliance [8]. - The joint venture will have ByteDance holding 19.9% of the shares, making it the largest single shareholder, while new investors, including Oracle and Silver Lake, will hold 50% [8][9]. Business Operations and Revenue - ByteDance will maintain control over revenue-generating activities such as e-commerce and advertising, while TikTok USDS will focus on non-profit data and content security operations [9]. - The operational costs of TikTok USDS are expected to be high, necessitating a reasonable revenue-sharing arrangement between the two entities [9]. Intellectual Property and Compliance - TikTok's algorithm and intellectual property will remain with ByteDance, which will license it to the joint venture for a fee [10]. - The new structure aims to ensure compliance with U.S. regulations while allowing ByteDance to retain significant control over its core business [11]. Comparison to Other Models - The TikTok U.S. model is likened to Apple's "Guizhou on Cloud" strategy, which localizes data management to comply with local laws while maintaining technical support from the parent company [12]. - This approach illustrates a potential framework for resolving cross-border data sovereignty issues while allowing for technological exports [12]. Market Reaction - Following the announcement, Oracle's stock saw a significant increase, reflecting positive market sentiment regarding the new structure [13].