​​​​Chinese-owned social media platform TikTok has said that negotiations with the US continue, but any agreement with Washington will be subject to Chinese law, according to state-run media.

TikTok’s owner, ByteDance, said in a statement on Saturday that there are important matters to be resolved.

The company “has been in discussion with the US government regarding a potential solution for TikTok US. An agreement has not been executed. There are key matters to be resolved. Any agreement will be subject to approval under Chinese law," it said.

The statement came after US President Donald Trump announced on Friday that he extended the deadline for TikTok's forced sale by 75 days, allowing the popular social media platform to continue operating in the US.

It is the second time since January that an extension has been issued to the company.

TikTok's future has remained uncertain since legislation signed by former President Joe Biden required ByteDance to sell the platform or face a ban.

The law was upheld by the US Supreme Court despite TikTok's legal challenge.

The platform, which boasts 170 million American users, briefly went offline before Trump's inauguration in January but resumed service after he signaled a willingness to reconsider the ban.

Several US companies, including Amazon, have made bids to acquire TikTok, according to media reports.