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TikTok owner ByteDance moves forward with IPO plans: Financial Times

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The company had shelved its listing plans earlier this year after scrutiny from Chinese regulators its over handling of data.

ByteDance, the owner of TikTok, is moving forward with plans for an IPO in Hong Kong later this year or in early 2022, according to the Financial Times (FT).

The newspaper cited three people with “knowledge of the company’s plans”. A spokesperson for ByteDance subsequently said the report was “inaccurate”, but declined to elaborate further.

The FT quoted a source as saying: “We are expecting final guidance from ByteDance in September. They are submitting all the filings with Chinese authorities right now and are going through the review process.”

The company had begun preparations to go public in the US or Hong Kong earlier this year, but shelved the plans after Chinese regulators expressed concerns about the company’s data security practices. China has tightened its tech regulatory regime in recent months, hitting Alibaba with a $2.8bn fine in April and ordering a number of companies to follow stricter financial rules, including ByteDance.

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Didi Chuxing, a Chinese ride-hailing app, held a successful New York IPO in early July but just days later was removed from app stores at the behest of domestic regulators, who cited data protection concerns. Authorities then announced that any company holding data for more than 1m users would be required to undergo a review of its security practices before holding an overseas IPO. The Cyberspace Administration of China said it was concerned about data being accessed by foreign governments.

The FT’s source said also said ByteDance was “in similar meetings as Didi” and had “decided not to continue with a New York listing”. The decision to abandon a potential US listing may have been affected by the increased regulatory scrutiny associated with IPOs outside China. The company also a counterpart of TikTok for the Chinese market called Douyin which has more than half a billion daily active users in the country.

TikTok has been the target of legal pressure outside of China too. The app is the target of a billion-pound lawsuit in the UK over its handling of children’s data. In July, it removed more than 7m accounts suspected of being operated by children younger than 13. The company was only formally unbanned in the US in June after almost a year, though the ban was never fully implemented in practice.

Co-founder Zhang Yiming stepped down as CEO of ByteDance in May. He said that he lacked “some of the skills that make an ideal manager” and that he “struggle[d] to keep up” with some of the technical aspects of the job. He was succeeded by fellow co-founder Liang Rubo.

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NFT trader OpenSea bans insider trading after employee rakes in profit | Non-fungible tokens (NFTs)

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A non-fungible token (NFT) marketplace has introduced policies to ban insider trading, after an executive at the company was discovered to be buying artworks shortly before they were promoted on the site’s front page.

OpenSea, one of the leading sites for trading the digital assets, will now prevent team members buying or selling from featured collections and from using confidential information to trade NFTs. Neither practice was previously banned.

“Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly,” said Devin Finzer, the co-founder and chief executive of the site.

“This is incredibly disappointing. We want to be clear that this behaviour does not represent our values as a team. We are taking this very seriously and are conducting an immediate and thorough third-party review of this incident so that we have a full understanding of the facts and additional steps we need to take.”

NFTs are digital assets whose ownership is recorded and traced using a bitcoin-style blockchain. The NFT market boomed earlier this year as celebrities including Grimes, Andy Murray and Sir Tim Berners-Lee sold collectibles and artworks using the format. But the underlying technology has questionable utility, with some dismissing the field as a purely speculative bubble.

The insider trading came to light thanks to the public nature of the Ethereum blockchain, on which most NFT trades occur. Crypto traders noticed that an anonymous user was regularly buying items from the public marketplace shortly before they were promoted on the site’s front page, a prestigious slot that often brings significant interest from would-be buyers. The anonymous user would then sell the assets on, making vast sums in a matter of hours.

One trade, for instance, saw an artwork called Spectrum of a Ramenification Theory bought for about £600. It was then advertised on the front page and sold on for $4,000 a few hours later.

One Twitter user, ZuwuTV, linked the transactions to the public wallet of Nate Chastain, OpenSea’s head of product, demonstrating, using public records, that the profits from the trades were sent back to a wallet owned by Chastain.

While some, including ZuwuTV, described the process as “insider trading”, the loosely regulated market for NFTs has few restrictions on what participants can do. Some critics argue that even that terminology demonstrates that the sector is more about speculation than creativity.

“The fact that people are responding to this as insider trading shows that this is securities trading (or just gambling), not something designed to support artists,” said Anil Dash, the chief executive of the software company Glitch. “There are no similar public statements when artists get ripped off on the platform.

“If Etsy employees bought featured products from creators on their platform (or Patreon or Kickstarter workers backed new creators etc) that’d be great! Nobody would balk. Because they’d be supporting their goal,” Dash added.



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British home computer trailblazer dies aged 81 • The Register

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Sir Clive Sinclair died on Thursday at home in London after a long illness, his family said today. He was 81.

The British entrepreneur is perhaps best known for launching the ZX range of 8-bit microcomputers, which helped bring computing, games, and programming into UK homes in the 1980s, at least. This included the ZX80, said to be the UK’s first mass-market home computer for under £100, the ZX81, and the trusty ZX Spectrum. A whole generation grew up in Britain mastering coding on these kinds of systems in their bedrooms.

And before all that, Sir Clive founded Sinclair Radionics, which produced amplifiers, calculators, and watches, and was a forerunner to his Spectrum-making Sinclair Research. The tech pioneer, who eventually sold his computing biz to Amstrad, was knighted during his computing heyday, in 1983.

“He was a rather amazing person,” his daughter, Belinda Sinclair, 57, told The Guardian this evening. “Of course, he was so clever and he was always interested in everything. My daughter and her husband are engineers so he’d be chatting engineering with them.”

Sir Clive is survived by Belinda, his sons, Crispin and Bartholomew, aged 55 and 52 respectively, five grandchildren, and two great-grandchildren. ®

A full obit will follow on The Register.

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UN human rights chief raises concerns over AI privacy violations in report

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‘AI tech can have negative, even catastrophic, effects if they are used without sufficient regard to how they affect people’s human rights.’

The UN’s human rights chief Michelle Bachelet called for a moratorium on the sale and use of artificial intelligence technology until safeguards are put in place to prevent potential human rights violations.

Bachelet made the appeal on Wednesday (15 September) to accompany a report released by the UN’s Human Rights Office, which analysed how AI systems affect people’s right to privacy. The violation of their privacy rights had knock-on impacts on other rights such as rights to health, education and freedom of movement, the report found.

“Artificial intelligence can be a force for good, helping societies overcome some of the great challenges of our times. But AI technologies can have negative, even catastrophic, effects if they are used without sufficient regard to how they affect people’s human rights,” Bachelet said.

“Artificial intelligence now reaches into almost every corner of our physical and mental lives and even emotional states,” Bachelet added.

Japanese multinational Fujitsu caused a stir when it announced plans to implement AI facial recognition technology to monitor employees’ concentration levels during meetings.

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The report was critical of justice systems which had made wrongful arrests because of flawed facial recognition tools. It appealed to countries to ban any AI tools which did not meet international human rights standards. A 2019 study from the UK found that 81pc of suspects flagged by the facial recognition technology used by London’s Metropolitan Police force were innocent.

Earlier this year, Canada banned Clearview’s AI facial recognition technology after the company violated Canadian privacy laws by collecting facial images of Canadians without their consent.

Bachelet also highlighted the report’s concerns on the future use of data once it has been collected and stored, calling it “one of the most urgent human rights questions we face.”

The UN’s report echoes previous appeals made by European data protection regulators.

The European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) called for a ban on facial recognition in public places in June. They urged EU lawmakers to consider banning the use of such technology in public spaces, after the European Commission released its proposed regulations on the matter.

The EU’s proposed regulations did not recommend an outright ban. The commission instead emphasised the importance of creating “trustworthy AI.”

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