Global Times report
From the Global Times’ Hu Xijin:
Based on what I know, Beijing won’t approve current agreement between ByteDance, TikTok’s parent company, and Oracle, Walmart, because the agreement would endanger China’s national security, interests and dignity.
Hu is a mouthpiece for China so this is a strong hint. It was just starting to look like the US would approve it.
Beijing has decided that the US can pull the plug. They might be angling to punish US companies in response.