The Chinese government has taken a “golden share” in a domestic subsidiary of tech giant Tencent Holdings, a company registration database showed, the latest sign of China stepping up its control over its tech sector. Wangtou Zhicheng, an entity controlled by the Chinese government, now owns a 1% stake in Shenzhen Yayue Technology after an investment of 600,000 yuan ($82,016.51), according to database Qichacha, which said the deal happened on Oc. 18. Tencent, the world’s largest video game company and the operator of the WeChat messaging platform, declined to comment. The Information first reported Wangtou Zhicheng’s investment in Shenzhen Yayue. Wangtou Zhicheng is owned by the China Internet Investment Fund, which was established by China’s cyberspace regulator and finance ministry. It marks the continuation of a trend that has seen Chinese government-backed funds or companies take an about 1% stake in key subsidiaries of data-rich companies such as ByteDance and Alibaba Group These stakes, known as “golden shares”, sometimes involve a board seat or other rights, allow the government to gain access to online data and monitor these companies’ business activities.
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