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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

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.

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