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China tech

China moves to take 'golden shares' in Alibaba and Tencent units

Beijing changes tack in efforts to secure a firmer grip on country's tech giants

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

BEIJING/HONG KONG (Financial Times) -- China is moving to take "golden shares" in local units of Alibaba and Tencent as Beijing formalizes a greater role in overseeing the country's powerful tech groups.

The Chinese government has responded to a stuttering economy by backing away from the tough fines and sanctions that were a hallmark of its campaign to rein in the country's largest tech groups, but which also scared off foreign investors.

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