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Media & Entertainment

Chinese government builds stake in unit of TikTok-owner ByteDance

State agencies now hold 1% share and board seat at domestic subsidiary

The ByteDance unit in which the government acquired shares holds the operating licenses of the group’s domestic apps.   © AP

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.

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