Beijing owns stakes in ByteDance, Weibo domestic entities, records show – CNA

SHANGHAI : The Chinese government has taken stakes in Chinese entities owned by tech companies ByteDance and Sina Weibo, corporate records showed, amid a widening regulatory crackdown on the industry. News of the stakes and the board seat was first reported by The Information on Monday. WangTouZhongWen (Beijing) Technology, which is owned by three Chinese state entities including a fund backed by China’s main internet watchdog, has a 1per cent stake in Beijing ByteDance Technology, according to shareholder data from the National Enterprise Credit Information Publicity System. The stake gives Beijing a board seat at the subsidiary which holds some…