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FWIW, the Chinese have various laws regarding intelligence sharing duties and obligations. ByteDance is legally required to give their government whatever they ask for. (See 2018, National Intelligence Law).
Further, law requires they maintain a CCP review board within the company composed of party members.
China is also able to bar the sale of the company.
They are not a "private company" the way we think of the term in the West. Out closest comparison would be something like Boeing Defense Systems; they are technically private, but our government dictates what they may sell, and to whom, outside of our military.
(Not exactly the same, but companies that have a degree of government ownership/control)
Further, law requires they maintain a CCP review board within the company composed of party members.
China is also able to bar the sale of the company.
They are not a "private company" the way we think of the term in the West. Out closest comparison would be something like Boeing Defense Systems; they are technically private, but our government dictates what they may sell, and to whom, outside of our military.
(Not exactly the same, but companies that have a degree of government ownership/control)