ByteDance, the Chinese parent company of TikTok, has firmly stated that it has no plans to sell the popular video app, despite a new US law that requires it to do so or face a ban in America.

In response to reports suggesting ByteDance was exploring a sale of TikTok's US operations without its key algorithm, the company declared on its Toutiao platform that these rumors were false. ByteDance emphasized its commitment to retaining TikTok and challenging the legality of the law in court.

The law, signed by President Joe Biden, has sparked concerns in the US about Chinese government influence over ByteDance and its data. However, both TikTok and ByteDance have consistently denied such assertions.

TikTok's CEO, Shou Zi Chew, expressed confidence in their legal position, asserting that the company will continue to defend its rights. He reassured users that TikTok is here to stay, supported by facts and constitutional principles.

Ownership of ByteDance is diversified, with a Chinese founder holding a 20% stake and significant institutional investment from US firms. TikTok's board is also predominantly American.

While the Chinese government has dismissed concerns as unfounded, it has warned of potential consequences if TikTok were to be banned in the US.

Under the new law, ByteDance has a nine-month window to sell TikTok's US business, with an additional three-month grace period. This timeframe extends beyond the next US presidential election, likely into 2025.