TikTok itself is owned by ByteDance, but is incorporated in the Caymans. It has corporate entities in Singapore, Australia, the US, and the UK. The CEO is US based. Data is collected in Singapore, not China. There is a little evidence someone at ByteDance has access to the info, but according to official statements and documents they do not. But, even if they are lying, China can still buy that information from data brokers just like the US Government does right now.
We need privacy protection laws, not arbitrary bans of apps that do the same thing as US social media apps