Introduction
For decades, foreign businesses have been keen to enter the
Chinese market. While US businesses are bracing themselves for the
possible impact of the recent Executive Orders on the ban of the
mobile applications "TikTok" and "WeChat",
companies that wish to tap into the Chinese market should also
understand the restrictions imposed by the PRC law.
Restrictions imposed by the US
On 6 August 2020, the US President Donald Trump signed two
Executive Orders (the "Executive
Orders") to address the threat posed by
"TikTok" and "WeChat" on the national security,
foreign policy and economy of the United States.
Under the Executive Orders, "transactions made by any
person or with respect to any property, subject to the jurisdiction
of the United States, with ByteDance Ltd, Tencent Holdings Ltd and
their subsidiaries" shall be prohibited. The Secretary of
Commerce will have to identify such transactions.
