The Chinese parent company has informed the United States that TikTok will not be put up for sale.

ByteDance, TikTok’s Chinese parent company, has affirmed its commitment to retaining ownership of the business following the passing of a US law that mandated its sale or risk of banishment from the American market.

In a statement posted on its official Toutiao account, ByteDance stated, “ByteDance doesn’t have any plans to sell TikTok.” This declaration was prompted by reports from The Information, suggesting a potential sale of TikTok’s US operations, albeit without the algorithm that drives the platform.

TikTok did not immediately respond to BBC’s request for comment.

ByteDance rebutted these reports, branding them as “false rumors,” with a screen shot of the article overlaid with Chinese characters translating to “false rumor.”

This decision comes amid escalating concerns in Western nations, including the US, regarding Beijing’s influence over private companies like ByteDance and the data they hold. Despite accusations, TikTok has consistently denied assertions of Chinese government control over ByteDance.

TikTok’s CEO, Shou Zi Chew, reiterated the company’s determination to defend its rights through legal channels, assuring users, “The facts, and the Constitution, are on our side… rest assured, we aren’t going anywhere.”

Ownership breakdown of ByteDance reveals its diversified structure, with its Chinese founder holding a 20% stake, institutional investors owning around 60%, and employees globally possessing the remaining 20%. Notably, three of ByteDance’s five board members are American.

While the Chinese government dismissed concerns as unfounded paranoia, it cautioned that a TikTok ban would have repercussions for the US.

The recently enacted US law grants ByteDance nine months, with an additional three-month grace period, to divest its TikTok business before facing potential enforcement of the ban. This timeline suggests a sale deadline potentially extending into 2025, aligning with the aftermath of the 2024 presidential election.