China tightens media control with tiny stakes in two Alibaba units
Publishing timestamp: 2023-01-18 23:55:11
Summary
State-backed entities have taken small stakes in two Alibaba subsidiaries that oversee video platform and web browser. This reflects Beijing's increasing control of media in China, as well as other industries such as finance and energy. Alibaba shares have gained slightly over the last five trading days, and SoftBank is the largest holder of Alibaba's U.S.-listed shares. State-backed entities have also taken 1% stakes in popular social media or short-video apps. Beijing is likely to become more apparent in its role as it tries to balance out its role with the market.
Sentiment: NEUTRAL
Tickers: 9898-HK, BABA, 1024-HK,
Keywords: stock markets, technology, kuaishou technology, markets, business news, weibo corp, alibaba group holding ltd, market insider, media,