The executive order issued by the Trump Administration required ByteDance, TikTok's parent company, to either divest TikTok's U.S. operations or sell them. The Trump Administration initially gave ByteDance 45 days to make a decision and then extended the deadline to 90 days. It has been reported now that China may consider all together putting an end to TikTok's U.S. operations instead of selling them to an American company.
Amidst U.S. and China's ongoing battle over political and economic supremacy, several companies are stuck in between, including Microsoft, Walmart and Oracle. ByteDance is, of course, struggling the most, especially after China revised its rules around tech exports, making the matter of selling TikTok more difficult for ByteDance.
Moreover, the U.S. is not the only country that is planning to ban TikTok because of security concerns, but the app has already been banned in India.
Apparently, the Chinese Government is looking at the potential TikTok sale as an act of submission, that it doesn't want to comply with.