February 3, 2023
The Financial Times with the report, gated.
Reuters however have a brief summary, main points:
- China is moving to take minority stakes with special rights in the local units of Alibaba Group Holding Ltd and Tencent Holdings Ltd, the Financial Times reported on Friday.
- Seeking influence, Beijing began taking these stakes, called “golden shares,” in private online media companies – usually about 1% of a firm – more than five years ago.
- These golden stakes are bought by government-backed funds or companies which gain a board seat and/or veto rights for key business decisions.
This article was written by Eamonn Sheridan at www.forexlive.com.