9月26日凌晨，美国总统特朗普签署行政令，批准了新版TikTok美国运营方案，TikTok可以在美国继续运营了，并将成立一家合资公司。美国 副总统JD·万斯表示，这家合资公司的估值为140亿美元。 或许有些人以为，这家合资公司未来会运营TikTok在美国的所有业务，但实际不是。据了解，这家公司指的是"TikTok美国数据安全合资公 司"（TikTok USDS Joint Venture），仅负责TikTok美国的数据安全和内容安全。TikTok美国的其他业务，仍然由TikTok美国公司运营。依据彭 博社此前报道，TikTok美国整体业务的估值接近400亿美元，远高于合资公司的140亿美元。 所以子弹飞了几天，真相水落石出：字节既没有交出核心算法，也没有出售TikTok美国公司。外媒网传的字节持股19.9%，并不是TikTok美国 公司，而是一家只负责TikTok美国数据安全、内容安全等业务的公司——TikTok美国数据安全合资公司。 来源：市场资讯 （来源：大公馆） 一个坏土豆 事实上，上面这几个关键点，在特朗普签发行政令前便已经有踪迹可循。 9月15日，中美马德里会谈后的，中方称，中美就通过TikTok美 ...

Core Viewpoint - The recent discussions surrounding TikTok's algorithm and ownership are largely based on misunderstandings and misinterpretations from U.S. media, while the core technology remains under ByteDance's control [1][5][9]. Group 1: Ownership and Control - ByteDance fully owns TikTok's U.S. operations, and the global and U.S. businesses of TikTok have not been sold. The framework is based on "entrusted operation + authorized use," which is a common compliance path for multinational enterprises [2][4]. - TikTok U.S. Data Security (USDS) is a company established to address U.S. concerns about user data security, fully owned by TikTok U.S. [2][4]. - ByteDance retains nearly 20% ownership of USDS, making it the largest single shareholder, despite claims of ownership transfer [4][9]. Group 2: Data Security and Algorithm Control - The algorithm of TikTok is not for sale, as it falls under China's export control regulations. The agreement allows for authorized use but not sale [6][7]. - The terminology used by U.S. media, such as "lease" and "control," contrasts with the Chinese perspective of "license" and "authorized use," highlighting significant legal and practical differences [7][9]. Group 3: Strategic Implications for Chinese Enterprises - The TikTok situation reflects broader challenges faced by Chinese companies in global expansion, particularly regarding geopolitical issues, data security, and technology sovereignty [10][13]. - TikTok's strategy of establishing a localized data security company and involving local stakeholders demonstrates a model for mitigating policy risks while maintaining core business control [10][12]. - The experience of TikTok serves as a reference for other Chinese enterprises, emphasizing the importance of compliance, revenue sharing, and building local partnerships to reduce trust costs and integrate into foreign markets [10][13].