Golden shares are giving Beijing more control over Chinese tech companies, and stoking concern in Washington.
During the fifth hour of the blockbuster congressional hearing on TikTok on March 23, U.S. Representative Dan Crenshaw (R-TX) posed a question to the company’s weary chief executive, Shou Zi Chew.
“Do you agree that TikTok is controlled by the CCP?” Crenshaw asked. “No,” Chew responded, shaking his head.
“I thought you’d say that,” Crenshaw replied, before arguing that the fact that the Chinese government now holds ‘golden shares’ in TikTok’s parent company ByteDance,
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Bob Fu's relationship with China has gone through phases. First, he thought money would solve his problems there; then he joined protesters at Tiananmen Square, thinking the politics could change. In the end, he determined, only God could save China, and he's been fighting for religious freedom in China ever since he resettled in Texas. With his nonprofit, ChinaAid, prospering like never before, he says the U.S. is finally catching on.