Alibaba

[Wildreamz]

China moves to take ‘golden shares’ in Alibaba and Tencent units
https://www.ft.com/content/65e60815-c5a0...f0f76462de

China is moving to take “golden shares” in local units of Alibaba and Tencent as Beijng formalises a greater role in overseeing the country’s powerful tech groups.

The Chinese government has responded to a stuttering economy by backing away from the tough fines and sanctions that were a hallmark of its campaign to rein in the country’s largest tech groups, but which also scared off foreign investors.

While the heavy-handed crackdown has ebbed, the government is increasingly snapping up small equity stakes in the local operations of big tech companies, as it recently did with TikTok owner ByteDance. This provides the Communist party with a mechanism to remain deeply involved in their businesses, particularly the content they broadcast to millions of Chinese people.