The logo of Tencent is seen at Tencent office in Shanghai, China on Dec 13, 2021.China is moving to take minority stakes with special rights in the local units of Alibaba Group Holding Ltd and Tencent Holdings Ltd, the Financial Times reported on Friday .
Seeking influence, Beijing began taking these stakes, called "golden shares" in private online media companies — usually about one per cent of a firm — more than five years ago. These golden stakes are bought by government-backed funds or companies which gain a board seat and/or veto rights for key business decisions.
An entity under the state investment fund set up by the China's internet regulator last week took a one per cent stake of an Alibaba unit in Guangzhou to tighten control over content at the ecommerce giant's streaming video unit Youku and web browser UCWeb, according to the report, citing people familiar with the matter and public records.
However, the specifics of the government's plan to take golden shares in Tencent remain under discussion, but they will involve a stake in one of the group's main China operating subsidiaries, the report added.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »