The Chinese government is buying shares in Alibaba, Tencent and other tech companies, according to the Financial Times. This gives China's Communist Party special rights over certain business decisions, the report said.
In the case of e-commerce giant Alibaba, China's internet regulator took a stake last week, when an arm under the state investment fund set up by the Cyberspace Administration of China bought a 1% share of Alibaba's Guangzhou Lujiao Information Technology subsidiary. Meanwhile, details of the Chinese government's plan to buy shares in internet giant Tencent are still under discussion, the report said.
The same fund also purchased a 1% stake in a unit of TikTok parent ByteDance, called Beijing ByteDance Technology, gaining the right to name one of its directors. Communist Party official Wu Shugang, who oversaw online commentary at China's internet regulator, joined the board.
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Business Maverick: Alibaba, Tencent fall on report Beijing taking golden sharesAlibaba Group Holding Ltd. and Tencent Holdings shares slid on Friday on a report that government entities are set to take so-called “golden shares” in units of China’s two largest internet firms, suggesting Beijing is moving to exert greater control over the sector.
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