Chinese government takes minority stake, board seat in TikTok owner ByteDance’s main domestic subsidiary

//Chinese government takes minority stake, board seat in TikTok owner ByteDance’s main domestic subsidiary

Chinese government takes minority stake, board seat in TikTok owner ByteDance’s main domestic subsidiary

The Chinese government has taken a minority stake and a board seat in TikTok owner ByteDance’s main domestic subsidiary, which could signal closer oversight by Beijing over the country’s most valuable technology unicorn.Beijing ByteDance Technology Co sold a 1 per cent stake to state-owned firm Internet Investment Chinese (Beijing) Technology in a transaction in late April, according to Tianyancha, a Chinese corporate registry data service. As part of the deal, a government official named Wu…

Article by [author-name] (c) Big Tech - South China Morning Post - Read full story here.

By | 2021-08-17T11:30:22+00:00 August 17th, 2021|Technology|Comments Off on Chinese government takes minority stake, board seat in TikTok owner ByteDance’s main domestic subsidiary