ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more