The mainland Chinese government is understood to be taking small, but significant, share stakes in at least two of the country’s leading video streaming platforms. The Financial Times reported on F…
, China’s third ranked generalist video streamer, and UC Web, an internet browser developed for mobile users. A corporate vehicle controlled by the CAC appeared on the unit’s share register on Jan. 4.
Golden shares are shares which convey special powers to their holder exceeding their economic value. In some cases, a golden share may be used to prevent an unwanted takeover. In others, they may give privileges to the holder, such as a board seat. On Jan. 4, the Alibaba unit also revealed a new board director with the same name as a CAC official, though it did not specify his affiliation, the Financial Times said.
These provide Party oversight over content produced and distributed by the companies as well as insight into corporate finances and strategic matters.is China’s largest long-form video streaming platform. It disclosed 120 million paying subscribers as of Sept. 2022. Alibaba did not disclose the number of subscribers at Youku, revealing only that its average daily paying subscriber figures had grown by 8% year-over-year, and that its losses had narrowed for a sixth successive quarter.
On one hand, a government-controlled company may be required to follow a social or political agenda that is not about profit maximization. But from another point of view the purchase of the share stakes, if eventually confirmed, may signal the end game in a brutal government crackdown on China’s ‘platform economy.’
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