Beijing Takes Participation and Seat on the Board of Directors of Key ByteDance Entity: The Information

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SHANGHAI, Aug 16 (Reuters) – The Chinese government has taken a stake and a seat on the board of directors of TikTok owner Beijing ByteDance Technology’s key Chinese entity, The Information reported on Monday, citing corporate records and people with knowledge of it. matter.

Beijing ByteDance Technology sold a 1% stake in an April 30 deal to WangTouZhongWen (Beijing) Technology, which is owned by three state entities, the news outlet said, citing Tianyancha, an online database of the records. corporations in China.

The agreement also allowed the Chinese government to appoint a director to the Beijing ByteDance board of directors, he added, attributing it to two people with knowledge of the agreement.

The deal does not give the Chinese government any stake in the successful short video app TikTok due to ByteDance’s complex corporate structure, The Information said.

ByteDance told Reuters that the Chinese subsidiary referred to in the report was only related to some of its video and information platforms in the Chinese market and that it had some of the necessary licenses to operate under local law.

(Reporting by Yingzhi Yang and Brenda Goh; edited in Spanish by Benjamín Mejías Valencia)

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