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Report: China eyes tighter grip over Tencent, others

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Report: China eyes tighter grip over Tencent, others

Chinese regulators are looking to acquire stakes in tech companies such as Tencent Holdings Ltd., Weibo Corp. and Alibaba Group Holding Ltd. unit Youku Tudou, The Wall Street Journal reported.

A stake in said companies would allow the Chinese government to be directly involved in management decisions. Regulators, together with state-run The People's Daily, are already taking stakes in news platforms Yidian Zixun and Beijing Tiexue Tech Co., according to the Oct. 11 report, citing sources. The People's Daily's People.cn is said to be paying 7.2 million yuan for a 1.5% stake in Beijing Tiexue. Meanwhile, Yidian Zixun, owned by Phoenix New Media Ltd., OPPO Electronics Corp. and Xiaomi Corp., reportedly agreed to the deal to gain licenses for video content.

Tencent, Weibo and Alibaba reportedly did not respond to comment requests, while Yidian Zixun and Beijing Tiexue declined to comment on the matter.

As of Oct. 11, US$1 was equivalent to 6.59 Chinese yuan.