BBC Chinese Edition recently reported that, according to China’s official National Enterprise Credit Information Publicity System, a Chinese company with a government background has invested in ByteDance, owning one percent of the shares. The name of the investor is Wangtou China (Beijing) Technology Co., Ltd. The company was owned by three Chinese state agencies. The company’s registration documents show that it is jointly owned by the China Internet Investment Fund, a subsidiary of China National Radio, and Beijing Cultural Investment Development Group. The China Internet Investment Fund was established by the National Internet Information Office and the Ministry of Finance. That level of stake allows it one seat on the board of ByteDance. ByteDance owns TikTok, which has 700 million international users, including 100 million U.S. users. The U.S. Trump administration issued two bans on TikTok, citing national security concerns. In June of this year, the U.S. Biden administration revoked a series of Trump era executive orders against TikTok. With the new Chinese government investment in ByteDance, U.S. Senator Marco Rubio issued a statement calling on Biden to ban TikTok again.
Source: BBC Chinese, August 20, 2021