The Chinese government is understood to have taken a small but significant equity stake in Kuaishou, China’s second largest short video platform and a direct rival to Douyin, the Chinese half of Ti…
The stake was acquired through Beijing Radio and Television Station, which is controlled by the Beijing municipal government. It invested RMB1.01 million for a 1% per cent stake in Beijing Kuaishou Technology, the mainland Chinese unit of Kuaishou, according to records on Chinese corporate data provider Qichacha, cited by media including the South China Morning Post.The transaction was not reported to the Hong Kong Stock Exchange, where Kuaishou shares are listed.
Both the investment by a SOE and the board appointment are in keeping with a policy of the Chinese government to exercise increasing control of private sector media companies, including the right to review content.
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