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China moves to take ‘golden shares’ in Alibaba and Tencent units
China is moving to take “golden shares” in local units of $BABA-W (09988.HK)$ and $TENCENT (00700.HK)$ as Beijng formalises a greater role in overseeing the country’s powerful tech groups.
The ‘golden shares’ provide a mechanism by which the government can remain deeply involved in tech groups, particularly the content they broadcast to millions of Chinese people.
The stakes, usually involving a 1 per cent share of internet groups’ key entities, are akin to “golden shares” as they come with special rights over certain business decisions.
That was the aim of China’s internet regulator when it took a stake in an Alibaba unit last week, according to two people involved in the matter. An entity under the state investment fund set up by the Cyberspace Administration of China (CAC) acquired a 1 per cent share of an Alibaba subsidiary, Guangzhou Lujiao Information Technology, on January 4, according to Chinese business records.
The specifics of the government’s plan to take golden shares in Tencent remain under discussion, but will involve a stake in one of the group’s main China operating subsidiaries, three separate people briefed on the matter at Tencent said.
Another person close to Tencent said the group was pushing for a government entity from its home base of Shenzhen to take the shares, instead of bringing in the Beijing-based state investment fund that took the stakes in the units of Alibaba, $ByteDance (FT0001)$ ByteDance and $WB-SW (09898.HK)$, China’s version of $Twitter (Delisted) (TWTR.US)$ .
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whqqq : This is a good thing, right? Shows that the government is accepting these companies?
枫叶- whqqq : The government bought the company, so it can be said that it is now a short company
whqqq 枫叶- : Didn't they just buy 1%?
枫叶- whqqq : The Internet Information Office acquired 1% of a subsidiary of Ali in Guangzhou on January 4