TikTok can just continue with their censorship of Tiananmen Square, Tibetan independence, Falun Gong [0], Uighur [1], and Hong Kong protests [2].
Even without this law, their moderators already banned contents “endangering national security” or deemed “uglification or distortion of local or other countries’ history” [3].
Business as usual. No need to pull out.
[0] https://www.theguardian.com/technology/2019/sep/25/revealed-...
[1] https://www.cnbc.com/2019/11/26/tiktok-says-it-doesnt-censor...
[2] https://www.washingtonpost.com/technology/2019/09/15/tiktoks...
[3] https://www.socialmediatoday.com/news/tiktok-once-again-come...