The Chinese government took a 1% stake in one of tech giant ByteDance’s Chinese subsidiaries in April, according to China’s corporate records. On April 30, Beijing ByteDance Technology sold a 1% stake to WangTouZhongWen (Beijing) Technology, a company owned by three Chinese state entities, including the Cyberspace Administration of China. The deal also allowed the Chinese government to appoint a board director at the subsidiary. The deal doesn’t give the Chinese government any stake in ByteDance’s overseas short-video app Tiktok. [The Information]