HONG KONG -- A Chinese government fund has taken a small stake in a domestic operating unit of ByteDance, creator of the global hit short-video app TikTok, as Beijing tightens its grip over major internet platforms.
WangTouZhongWen (Beijing) Technology, owned by a Cyberspace Administration of China investment vehicle as well as two other state agencies, invested 2 million yuan ($308,770) in April for a 1% stake in Beijing ByteDance Technology, according to public records from the National Enterprise Credit Information Publicity System.
