China government pushes for stake in local tech giants Tencent, Alibaba, others

China government pushes for stake in local tech giants Tencent, Alibaba, others

Tencent Chairman and Chief Executive Officer Pony Ma Huateng attends a news conference announcing the company's results in Hong Kong, China March 17, 2016. REUTERS/Bobby Yip

The Chinese government is said to be pushing for a stake and a direct role in corporate decisions in a bid to keep a check on the rapidly-growing power of private technology firms.

According to a Wall Street Journal report quoting sources, Chinese internet regulators are talking about taking 1 per cent stakes in internet giant Tencent Holdings, Chinese content creator Weibo Corp and Alibaba‘s video content firm Youku Tudou.

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