Beijing has a veto on the sale, and are likely to exercise it. From their point of view, allowing the US to force a Chinese company to sell itself off as soon as it achieves success would set a very bad precedent, and encourage a torrent of other blackmail efforts.

They'll be willing to let Bytedance take the L on this. Bytedance can console themselves that TikTok can still operate elsewhere on the world, just making less money.