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China’s Government Ups Control of ByteDance With Stake and Board Seat in Key Subsidiary

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variety.com

Rebecca Davis editorThe Chinese government has taken a stake and one of three board seats in a key subsidiary of TikTok owner ByteDance, reports said Tuesday, reviving debate about whether the popular short-form video app poses a national security threat.Chinese authorities now own a 1% stake in Beijing ByteDance Company, a firm that owns key licenses to operate Chinese platforms Douyin, the country’s version of TikTok, and the popular news app Toutiao.

The move occurred earlier this year on April 30, according to company information available via the Tianyancha enterprise data app.The stake was acquired by WangTouZhongWen (Beijing) Technology, which is owned by three Chinese government entities, including a fund backed by the Cyberspace.

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