AsianFin--ByteDance has no plan to sell TikTok, the company's official account said in a statement posted on Thursday night on Toutiao, a media platform also owned by the China-based firm.

The U.S.-based Information earlier reported that ByteDance is considering scenarios for selling TikTok's U.S. business without the algorithm that recommends videos to TikTok users.

U.S. President Joe Biden on Wednesday signed into law a bill that bans TikTok in the country if its owner, ByteDance, fails to divest the popular short video app over the next nine months to a year.