Bytedance says it doesn't plan to sell TikTok app

China's ByteDance, the owner of TikTok, said it does not have plans to sell the smartphone app, despite President Biden signing a bill that would require the sale to a U.S. company or ban the popular app in the U.S.

"ByteDance doesn't have any plans to sell TikTok," Bytedance posted on Toutiao, which is a different social media platform it also owns.

ByteDance also posted that press reports indicating it is exploring selling TikTok are wrong.

"Foreign media reports of ByteDance selling TikTok are not true," the company said.