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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.
The fund focuses on the internet sector including cybersecurity, artificial intelligence, big data, cloud computing and other services that are in line with national strategies and help develop the digital economy of China. Notable companies that the fund has golden share ownership in include ByteDance, Sina Corporation, SenseTime and Kuaishou.
In July 2004, Greenwoods launched its flagship Golden China long/short equity fund to manage money for third party investors. It started with $30 million and invested half its assets B-share companies listed in Shanghai and Shenzhen. Eurekahedge stated in its first year, the fund generated an annualized return of 38%. [4] [7]
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 ...
The CAC is the majority owner of the China Internet Investment Fund, which has golden share ownership stakes in technology firms such as ByteDance, Weibo Corporation, SenseTime, and Kuaishou. [13] [14] The CAC additionally organizes the World Internet Conference. [15]
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 ...
In 2023, an entity controlled by the state-owned China Internet Investment Fund took a golden share investment in Shenzhen Yayue Technology. [298] The stock price of Tencent sank when news of the deal was published.
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]