E-commerce giants
Alibaba
and Tencent climbed on Friday despite reports the Chinese government is working to take so-called ‘golden shares’ in units of both companies.
State-run investment funds have taken 1% stakes in two local Alibaba subsidiaries and appointed a board member to one of the units, Reuters reported, citing business-registration records. The Chinese government is also looking at taking a stake in one of Tencent’s main China operating subsidiaries, the Financial Times reported, citing people at the company briefed on the matter.
Tencent declined to comment on the report. Alibaba didn’t reply to a Barron’s request for comment early on the day.
