Beijing Increases Control Over #ByteDance Rival #Kuaishou Through Equity Stake
What des it mean?
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theinformation.com/articles/beijing-increases-control-over-bytedance-rival-kuaishou-through-equity-stake
A Chinese state-owned broadcaster recently took an equity stake in the domestic business of #Kuaishou, one of the country’s most popular video apps.
They also appeared to gain a seat on the board of that business, according to corporate records.
Beijing’s actions involving #Kuaishou suggests the government’s years long regulatory crackdown on tech and media isn’t taking a backseat to efforts to solve worsening economic challenges.
It’s the latest move by #PresidentXi #Jinping’s government to exert more control over domestic internet content providers.
It resembles previous acquisitions of stakes in the Chinese businesses of #ByteDance, #TikTok’s parent, and #Weibo, the country’s equivalent of #Twitter.
The question China interference in tech co oanies is a hot potato in the West
This news is unlikely to ease concerns that the CCP has a hand on the algorithms and data if platforms like
youtu.be/z9pIZzOM