Daily Pulse: Bytedance US Investors Consider Buying Majority TikTok Stake

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Some of ByteDance’s US investors are considering acquiring a majority stake in TikTok. General Atlantic and Sequoia Capital are in talks with the Chinese company regarding the deal. ByteDance’s founder Zhang Yiming reportedly is not opposed to the sale. In the finance sector, the Shanghai Stock Exchange (SSE) revealed adjustments to the Shanghai Composite Index. Under the new changes, the bourse will remove 91 component stocks with significant risk from the benchmark index, according to Wind. SSE will also delay the inclusion of newly issued stocks until a maximum of one year after their listings, instead of the previous ten trading days. A-share markets lifted today. SHCOMP went up 0.37% to 3,333.16, SICOM gained 0.89% to 13,657.03 and CSI 300 rose 0.50% to 4,714.45. ChiNext Price Index climbed 1.19% to 2,769.03. The Hang Seng Index slid 2.25% today to 25,057.94.

In other financial news, the Board of Directors in China Pacific Insurance (CPIC) [2601:HK] approved the company to establish a wholly-owned fintech subsidiary with a registered capital of RMB700m. The new company would be part of the insurer’s digitalization strategy and would set up research institutes to recruit talent in AI, cloud computing, blockchain, etc. In the healthcare sector, Sinovac Biotech [SVA:US] gained approval from Bangladesh’s state medical research agency to carry out phase III clinical trials on its inactivated COVID-19 vaccine. The trial will begin next month in seven local hospitals, covering 4,200 volunteers.

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