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Beijing ByteDance Technology to sell 1% stakes to Beijing Technology

By BFTLR Team

The Chinese government has taken a stake & a board seat in TikTok owner ByteDance’s key Chinese entity, Beijing ByteDance Technology. Beijing ByteDance Technology sold a 1% stake in April 30 deal to Beijing Technology that owned three state entities. The deal allowed the Chinese government to appoint a board director at Beijing ByteDance. The deal does not give the government any stakes in the firm’s video app TikTok. The Chinese subsidiary is related to some of the China market video & information platforms, & holds some of the licenses required to operate under local law.

Source: Reuters

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