(BEIJING) State Tech Entities Report: The Chinese government has taken stakes in Chinese entities owned by tech companies ByteDance and Sina Weibo corporate records showed, amid a widening regulatory crackdown on the industry as shares plummet #AceNewsDesk report

#AceNewsReport – Aug.17: WangTouZhongWen (Beijing) Technology, which is owned by three Chinese state entities including a fund backed by China’s main internet watchdog, has a 1% stake in Beijing ByteDance Technology, according to shareholder data from the National Enterprise Credit Information Publicity System.

#AceSocialDesk says Beijing owns stakes in ByteDance, Weibo domestic entities, records show news of the stakes and the board seat was first reported by The Information on Monday. read more

The stake gives Beijing a board seat at the subsidiary which holds some of the business licenses covering Douyin and Toutiao, some of ByteDance’s most popular domestic apps, a source familiar with the matter said.

August.17, 20214:57 AM BSTLast Updated 6 hours ago

It does not give not give the Chinese government any stake in the firm’s hit short video app TikTok, the source said. TikTok is not available in China.

The Chinese subsidiary “only relates to some of ByteDance’s China-market video and information platforms, and holds some of the licenses they require to operate under local law,” a ByteDance spokesperson told Reuters on Monday.

An affiliate, WangTouTongDa (Beijing) Technology, similarly holds a 1% stake in Beijing Weimeng Technology, Weibo’s main domestic subsidiary, according to a separate government data report and filings it made to the U.S. securities regulator.

Weibo did not immediately respond to a request for comment. In the SEC filing, it said its unit received the investment from WangTouTongDa in April 2020 and that WangTouTongDa (Beijing) Technology had the right to appoint a director to Weiming’s three-member board.

Corporate information app Tianyancha said the ByteDance unit stake transfer was registered on April 30, 2021.

Although Chinese regulators have clamped down on a range of sectors, tech has come in for some of the harshest measures to date.

Regulators say they are concerned about issues ranging from its technology giants’ market power to their management of user data, and have launched antitrust probes, cancelled deals and published new guidance for the sector.

WangTouZhongWen (Beijing) Technology is co-owned by the China Internet Investment Fund, a China National Radio subsidiary and the Beijing Cultural Investment Development Group, its company registration filing showed.

The China Internet Investment Fund, which was established by the Cyberspace Administration of China and the country’s finance ministry, fully owns WangTouTongDa (Beijing) Technology.

Chinese tech stocks plummet as Beijing cracks down on online monopolies

17 Aug, 2021 12:00 

Chinese tech stocks plummet as Beijing cracks down on online monopolies
RT Business Report:

China’s State Administration for Market Regulation (SAMR) has issued draft rules aimed at preventing unfair competition on the internet. The news triggered a selloff in Chinese listed technology stocks in Hong Kong.

The latest measure comes as part of Beijing’s broader crackdown on Chinese technology majors and covers multiple areas, including prohibitions on the way corporations are using data, and stamping out fake product reviews.

Shares in game development giant Tencent dropped 3.5% in late morning trading on Tuesday, while online retail giant Alibaba was down 2.5%.

SAMR is expected to hire third-party auditors to check whether the companies fall foul of the rules. The regulator is currently seeking public opinion on the new restrictions until September 15. It hasn’t set a date for when the regulations will come into effect if publicly approved: Chinese tech stocks suffer worst sell-off since global financial crisis as Beijing pledges to step up screening of US-listed firms

Earlier this year, the regulator released new anti-monopoly guidelines targeting internet platforms. The new rules have tightened the existing restrictions faced by the country’s tech giants.

SAMR has also taken legal actions against some Chinese technology corporations, having issued hefty fines to Alibaba Group and Tencent Holdings. The regulator blocked Tencent’s plan to merge video game streaming sites Huya and DouYu over antitrust concerns. It has also initiated a probe into food delivery firm Meituan for “suspected monopolistic practices.”

SEC Warns US Investors About Risks Of Buying Chinese Stocks As Crackdown In Beijing Continues

August 17, 2021A few weeks ago, the SEC quietly shut down the processing of any new Chinese IPOs, which seemed almost comical to us, considering any underwriter would probably have trouble lining up the financing since there’s approximately zero appetite for new Chinese listings in the post-DIDI world. And not because of what’s happening on the American side, but due to the mounting political risks in China.

But let’s set all that aside for a moment. Early Tuesday morning, SEC Chairman Gary Gensler released a new “Office Hours” clips where he not only confirmed that the SEC had, in fact, shut down processing of any new potential Chinese listings, but he also explained to American investors exactly what it is they’re owning when they buy shares in Chinese listings.

#AceNewsDesk report ……Published: Aug.17: 2021: Reporting by Brenda Goh in Shanghai, Yingzhi Yang in Beijing and Echo Wang in New York; Editing by Gerry Doyle

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#beijing, #bytedance, #china, #media, #social, #weibo

(SHANGHAI) Weibo Report: Chinese authorities have arrested a top public relations executive at Chinese social media giant Weibo Corp (WB.O), local Chinese media reported widely on Tuesday and confirmed to Reuters by a company source #AceNewsDesk report

#AceNewsReport – Aug.11: In accordance with company policy and the law, we have decided to fire Mao as punishment, and will not re-hire him,” the memo said….

#AceDailyNews says a top public relations director at Chinese social media giant Weibo arrested and according to an internal memo sent to staff and seen by Reuters, Mao Taotao, director of public relations at Weibo – which is partly owned by e-commerce giant Alibaba Group Holding Ltd. – is suspected of bribery and had “seriously harmed the interests of the company.”

: Aug.10, 20211:26 PM BST:

The firing comes as Alibaba (9988.HK) faces backlash over delaying action relating to an employee’s allegations of sexual assault against her manager and a client. On Monday, Alibaba announced the manager had been fired.

Mao joined Weibo in 2010 and quickly rose through the ranks of the marketing and PR department, the memo states.

Weibo did not respond to a request for comment from Reuters. Mao could not be immediately reached.

Weibo has come under fire lately in the wake of a scandal involving Chinese-Canadian pop singer Kris Wu, who Chinese authorities arrested on allegations of soliciting sex with underage girls. Wu has denied the allegations.

Not long after Wu’s arrest, state media outlet People’s Daily published an op-ed admonishing social networks for over-hyping celebrities to generate traffic.

Weibo later suspended a widely used feature that ranks celebrities by popularity. read more 

Alibaba did not immediately respond to a request for comment about Mao’s firing at Weibo.

Reporting by Josh Horwitz in Shanghai and Cheng Leng in Beijing; Editing by Bernadette Baum

#AceNewsDesk report ………Published: Aug.11: 2021:

Editor says …Sterling Publishing & Media Service Agency is not responsible for the content of external site or from any reports, posts or links, and can also be found here on Telegram: https://t.me/acenewsdaily all of our posts fromTwitter can be found here: https://acetwitternews.wordpress.com/ and all wordpress and live posts and links here: https://acenewsroom.wordpress.com/and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com

#alibaba, #chinese, #shanghai, #weibo