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In 2013, the People's Republic of China introduced golden shares termed "special management shares". [3] Since then, golden shares have been utilized by Chinese Communist Party (CCP) general secretary Xi Jinping's administration to expand control over private companies, particularly technology companies.
In 2021, the state-owned China Internet Investment Fund purchased a 1% stake in ByteDance's main Chinese subsidiary, Beijing ByteDance Technology (formerly Beijing Douyin Information Service), as a golden share investment [40] [41] [42] and seated Wu Shugang, a government official with a background in government propaganda, as one of the ...
It has made a de facto special management stake or "golden share" arrangement with Full Truck Alliance Co Ltd, a Chinese platform arranging trucking services, according to one of the people.
The Chinese government has taken a "golden share" in a domestic subsidiary of tech giant Tencent Holdings, a company registration database showed, the latest sign of China stepping up its control ...
In China, so-called golden shares held by official investment funds are one way for Beijing to gain more oversight over business by giving them a 1% stake in companies.
In December 2022, a state-owned enterprise of the China Internet Investment Fund, established by the Cyberspace Administration of China, took a 1 percent golden share investment in two Alibaba subsidiaries that control Youku and UCWeb. [70]
In China, there is a different version of TikTok: a sister app called Douyin. ... Analysts have said the “golden shares” provide a way for the Chinese government to get more directly involved ...
Tencent was the second-largest Nio shareholder in terms of voting rights after Li Bin, founder of the automaker, who held 13.8% in shares but 47% voting rights, according to a March filing by the company. As of 8 July, they bought another amount of shares increasing their stake in Nio to 16.3%.