TikTok’s Chinese owner said it is seeking approval from Beijing for a White House-endorsed plan to turn the short-video app into a U.S.-based company, officially placing the fate of the year’s hottest social-media asset in the hands of Chinese authorities.

ByteDance Ltd. said Thursday that it had submitted its plan, which involves partnering with Oracle Corp. and Walmart Inc., to commerce authorities in the Chinese capital under recently expanded export restrictions and is awaiting a decision.

China’s…

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