It bans American companies from providing services that distribute, maintain or update any sufficiently popular apps where a company is headquartered in, or has more than a 20% ownership share of the company held, in a country that has been determined to be a foreign adversary.

It is much, much broader than a 'tiktok ban', it applies to any company that fits that criteria. So to put it bluntly, if the CCP bought 20% of reddit, reddit can't be distributed, maintained or updated by any US company. It's not just a ban, it simply won't exist on the internet for US users.

There are probably a bunch of companies that will be subject to this if it's upheld in court, and the law very likely could be weaponized by the CCP to get things banned that they don't even own yet. It'll also likely result in Chinese interests devesting down to >20% from US companies that they do not want banned, for much the same reasons.

Basically, this is the result of a bunch of tech-illiterate politicians who have no idea how any of this works, passing a law that looks good in news headlines without regard to the potential consequences. So business as usual on the hill.