On 4 January, a division under the state investment fund established by the regulator Cyberspace Administration of China acquired 1% of an Alibaba subsidiary, Guangzhou Lujiao Information Technology.Īlibaba owns social media entities including Youku, dubbed China’s YouTube, and the web browser UCWeb. Within China the stakes are known as “special management shares” and have been used since 2015 by the state to exert influence.
The move to take stakes in the local operations of Alibaba and Tencent, which usually amount to about 1%, have been dubbed “golden shares” as they come with special rights over business decisions. However, the government’s approach has weakened foreign investment and the competitiveness of the Chinese tech market, resulting in a softening and change of tactical approach to keeping its big tech in check.īeijing recently took a small equity stake in the Twitter-like Weibo and in ByteDance, the privately owned parent of TikTok, which is known as Douyin in China, as a means for the state to become more directly involved in business operations. Stock chart is not supported by your current browser Gain. The crackdown has proved tumultuous for Chinese tech firms, with billions wiped off their value, and moves including blocking the flotation of Ma’s financial services firm, Ant Group, which would have been the world’s biggest IPO.Įarlier this week the fintech company announced that Ma, once China’s richest man but now living in self-imposed exile in Japan, would cede control of the company. 0700.HK - Tencent Holdings Limited HKSE - HKSE Delayed Price.
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