Beijing takes stake, board seat in ByteDance’s key China entity
The Hindu
The deal does not give the Chinese government any stake in the firm's hit short video app TikTok because of ByteDance’s complex corporate structure.
The Chinese government has taken a stake and a board seat in TikTok owner ByteDance's key Chinese entity, Beijing ByteDance Technology, The Information reported on Monday, citing corporate records and people with knowledge of the matter. (Subscribe to our Today's Cache newsletter for a quick snapshot of top 5 tech stories. Click to subscribe for free.) Beijing ByteDance Technology sold a 1% stake in an April 30 deal to WangTouZhongWen (Beijing) Technology, which is owned by three state entities, the media outlet said, citing Tianyancha, an online database of China's corporate records.
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