CCP State Capital Invest TikTok China, Kuaishou, With A Veto Righ

On November 6, according to the media report that Wang You Zhong Wen (Beijing) Technology took a stake in Douyin, the TikTok in mainland China, meanwhile, Beijing Radio & Television Station invested in Kuaishou. The two state-owned companies each have a 1% shareholding, but both have a veto right. As early as 2016, the CCP had already proposed to take a stake in internet platforms with so-called state capital, essentially with government agencies stepping in to control. On October 26, 2022, Beijing Radio & Television Station took a stake in Kuaishou, holding 1% of the shares; on April 30, 2021, Wang You Zhong Wen (Beijing) Technology invested in mainland TikTok, taking 1% of the stakes. On the other hand, Wang You Zhong Wen (Beijing) Technology is jointly owned by China Internet Investment Fund (CIIF), a subsidiary of the China National Radio and Beijing Cultural Investment Development Group Co., Ltd.. In addition, CIIF was established by the Cyberspace Administration of China and the Ministry of Finance. It is obvious to see that the communist regime is tightening control over Internet content platforms. With the 20th National Congress of the CCP and the replacement of the Communist Party by the Xi’s Party, various Internet companies are being controlled by the state-owned capitals, such as China Unicom, Tencent, China Telecom as well as Alibaba, Shanghai Mobile and JD.com, by means of signing so-called cooperation agreements respectively. TikTok and Kuaishou are no exception. With the entry of state-owned funds, they will only continue to exploit the platform.