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China State Firms Invest In TikTok Sibling, Weibo Chat App

August 19, 2021
Source: primetimes.in primetimes.in
News Snapshot:
The Chinese government has made investments in two of the nation’s most significant technology firms ByteDance, the Chinese company that owns global video app TikTok, and Weibo, China’s version of Twitter in a move apparently intended to bolster its sway over the nation’s flourishing technology sector. In April, ByteDance sold a 1% stake in its Chinese subsidiary, Beijing ByteDance Technology Co., to WangTouZhongWen (Beijing) Technology, a state-backed firm, according to public government records and the corporate information platform Qichacha. WangTouZhongWen is owned by three Chinese state entities, one of which is linked to a fund backed by the Cyberspace Administration...
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