Chinese Government Said to Seek Control Over Big Tech
The Chinese government is considering taking board seats and stakes of at least 1 percent in operators of some Internet portals and mobile apps. Furthermore, China would require this in exchange for granting news licenses. Bloomberg’s Selina Wang has more in the video on “Bloomberg Technology.”
Shares of China’s internet technology giants were steady. The Wall Street Journal reported that Peiking is seeking greater stock ownership. In addition, they want influence over rapidly-growing internet and technology companies.
It seems that the government is seeking greater influence over a video operation owned by Alibaba Group Holding. Furthermore, they want to Tencent Holdings, whose businesses include online advertising.
Meanwhile, Facebook is seeking an office in Shanhai. Facebook’s plans are tentative. Their plans would, of course, depend on approval from the Chinese government. But if successful, it would be a symbolic victory for the social network. Facdebook has long worked to get into China despite being blocked there for nearly a decade.
Despite government obstruction, Facebook has many reasons to continue pursuing business in China. The social network sells advertising to Chinese companies hoping to reach the rest of the world. The Chinese ad sales, supported from its office in Hong Kong, are some of the largest in Asia.