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China said to take stake, board seat in ByteDance's key local entity

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The Chinese government has taken a stake and a board seat in TikTok owner ByteDance Inc.'s key Chinese entity, The Information was reported by Economictimes, citing corporate records and people with knowledge of the matter.

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The deal does not give the Chinese government any stake in the firm's hit short-video app TikTok because of ByteDance's complex corporate structure, The Information said.ByteDance told Reuters the Chinese subsidiary referenced in the report only related to some of its China market video and information platforms, and held some of the licences they require to operate under local law.

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