Beijing took stake and board seat in key ByteDance domestic entity this year

BEIJING/SHANGHAI, – The Chinese government took a stake and a board seat in a key ByteDance entity this year – a move that raises questions over how much influence Beijing is planning to wield in a tech sector reeling under an onslaught of regulatory action.

The 1% stake in Beijing ByteDance Technology, which holds some of the licences for Douyin, the Chinese version of TikTok, as well news aggregator Toutiao, was registered on April 30, according to corporate information app Tianyancha.

It is held by WangTouZhongWen (Beijing) Technology which is owned by three Chinese state entities including a fund backed by the country’s main internet watchdog, the Cyberspace Administration of China (CAC), government shareholder data shows.