China has acquired minority stakes with special rights in two domestic units of tech giant Alibaba Group Holding Ltd, business registration records showed, as Beijing extends a campaign to strengthen control over online content. | Reuters
Public business registration records showed that in September last year an investment vehicle of state-owned Zhejiang Media Group took a 1-percent stake in Alibaba’s Youku Film and Television unit, which is based in Shanghai.
Zhejiang Media Group has also appointed Jin Jun, the general manager of one of its subsidiaries, to the board of the Alibaba unit, the records showed. Separate business registration records showed that in December WangTouSuiCheng , an entity under the China Internet Investment Fund set up by the Cyberspace Administration of China , acquired a 1-percent stake in Alibaba unit Guangzhou Lujiao, whose main focus is “research and experimentation”.
The Financial Times, which first reported the WangTouSuiCheng investment on Friday, said the goal of the investment is for Beijing to tighten control over content at the e-commerce giant’s streaming video unit Youku and web browser UCWeb.The FT also reported, citing unidentified sources, that discussions was under way for the government to take golden shares in gaming giant Tencent Holdings which would involve a stake in one of the group’s main subsidiaries. Tencent declined to comment.
Other firms that have such golden share arrangements include Full Truck Alliance Co, as well as mainland subsidiaries of TikTok owner ByteDance, Kuaishou Technology and Weibo, Reuters previously reported.Having such golden shares can be helpful to firms when they try to secure licences to disseminate online news and to show online visual and audio programmes, sources have told Reuters.
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