China's government is buying Alibaba and Tencent shares that give the Communist Party special rights over certain business decisions, report says
news.yahoo.com
The stakes usually involve a 1% holding and are known as "special management shares," according to the Financial Times.
  • PolandIsAStateOfMind@lemmygrad.ml
    4·
    2 years ago

    I hope that’s a start. Tencent is one of the biggest multimedia companies in the world and actually biggest in the video games market. That’s a lot of unused propaganda power right there.

  • darkcalling@lemmygrad.ml
    1·
    2 years ago

    Honestly curious why they’re doing this. The US-led west is already eying up any company whose CEO was seen even driving past a PLA parade as things to sanction and ban and fearmonger about.

    I can’t imagine the US will react well to this and allow future Tencent acquisitions or investment in US companies, Alibaba I don’t think has as much exposure but Tencent had some interests and futures in the west I thought, though maybe they’re already being blocked and they decided basically if the west is going to do that and freak out they might as well actually have some power over them.

    • ☆ Yσɠƚԋσʂ ☆@lemmygrad.mlOP
      17·
      2 years ago

      I don’t think China gives a shit what US thinks at this point. Their primary concern is to ensure that these megacorps are kept on a tight leash.

    • ComradeSalad@lemmygrad.ml
      21·
      2 years ago

      TenCent is “too big to fail”, if the US were to sanction them, a massive portion of the American entertainment sphere would collapse. It would be economic, and political suicide for nothing but propaganda points.

  • TarkovSurvivor@lemmygrad.ml
    1·
    2 years ago

    the reddit posts were funny, lotw of people crying that the evil she she pi have control over a company that makes their precious video games, also some people asking why they need these shares if they have all the control anyway and libs explaining away the cognitive dissonance as the evil government making a facade .

  • Munrock@lemmygrad.ml
    1·
    2 years ago

    What do you all think about buying shares in Alibaba or Tencent? Not sure about Tencent but Alibaba stock is definitely available through international trading via Hong Kong stock exchange.

    If you have your savings* in a bank, it’s being leveraged by bankers as finance capital. And not for your benefit (unless it’s a state bank under socialism).

    If you have it in Tencent or Alibaba, it’s still finance capital, but in a business based in a socialist country heavily regulated by a socialist government.

    So if you’re in a capitalist country and aren’t able to keep your money in a socialist state bank, maybe having it invested in a socialist country is the next best place to keep your savings (after burying it in the woods).

    *: Of course the idea of having savings in 2023 is mostly hypothetical, but if you do have savings and this news gains traction, those share prices might dip if people afraid of the eebil seeseepee panic sell.