"ByteDance"

LOS ANGELES -- Video-sharing social networking platform TikTok on Saturday voiced hope that an agreement reached by its Chinese parent company ByteDance with Oracle and Walmart will "resolve the security concerns of the US administration and settle questions around TikTok's future in the US"

ByteDance, the founder of Tik-Tok will place Tik-Tok's global business in a new US-based company and remain as the majority shareholder with Oracle investing in it as a minority stakeholder, according to UK's Financial Times on Wednesday, sourcing people briefed on a plan presented to US officials to avoid a ban of the video-sharing app by the US government.

China has penalized 10 of the country's most popular livestreaming apps, suspending some of their operations in a renewed crackdown on fast-growing services backed by Tencent Holdings and ByteDance.

TikTok's parent ByteDance Ltd. generated more than $3 billion of net profit on over $17 billion in revenue last year, figures that show the world's most valuable startup is still growing at a brisk rate, according to people familiar with the matter.