$百度(BIDU)$ 自己看看,把握资讯。news for Big Tech

(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)
By Robyn Mak
HONG KONG, Oct 12 (Reuters Breakingviews) - President
Jinping's closer embrace is bad news for Big Tech. China's
government wants stakes and board seats at web giants like
Tencent , the Wall Street Journal reported on
Wednesday. Beijing is already influential behind the scenes in
technology, and given its tightening grip elsewhere, a power
grab in this vital sector was all but inevitable. This will
nonetheless cost investors.
China's bureaucrats have held discussions with Tencent,
microblog-operator Weibo , and a video-streaming platform
owned by e-commerce group Alibaba , according to the
Journal, which cited people close to the companies. State-backed
funds would buy a 1 percent stake via "special management
shares" allowing them to put a government official on the board.
The powerful internet watchdog has already trialled this
arrangement with two startups, the newspaper said.
's government is increasing its control on everything from
traditional media to private conglomerates like Dalian Wanda and
Anbang. So, Beijing's latest focus on social media and internet
companies was to be expected.
To be sure, too, the government already exerts substantial
sway over the sector. Tough censorship and capital controls mean
bosses like Tencent's Pony Ma need good relations with
regulators. He and rivals like Jack Ma of Alibaba are also
increasingly pushing into sensitive sectors like cloud computing
and finance.
That said, government intervention in decision-making will
have far more impact. Recently tech groups including Alibaba,
Baidu , and JD.com injected $12 billion into
state-owned telecom Unicom , as part of the
government's "mixed-ownership" reform. That could be the first
of a series of politically motivated investments. So capital
allocation could get worse.
Foreign scrutiny of Chinese takeovers is already increasing,
and politicians in the United States, Europe and elsewhere are
pushing for even tighter controls based on national security
concerns. The $1 billion acquisition of U.S.-based MoneyGram
by Ant Financial, Jack Ma's financial-technology group,
has been delayed, with the buyer having to refile an
application, Reuters reported last month. Having direct state
backing will make it much harder for these groups to argue they
are independent actors.
On Twitter https://twitter.com/mak_robyn