China tightens media control with tiny stakes in two Alibaba units

State-backed entities have taken tiny stakes in parts of two Alibaba subsidiaries that oversee a video platform and web browser.

"Our digital media and entertainment business brought in a state-owned multimedia entity as a minor strategic investor for a consolidated entity," Alibaba said in its fiscal year report published July 26.

Alibaba declined to comment. The Financial Times and Reuters previously reported on the government-linked stakes.The news of the state-owned stakes comes as Alibaba shares try to recover from two years of sharp losses in the aftermath of the abrupt suspension of affiliate Ant's IPO in November 2020. International investors have become more wary of Chinese stocks after increased regulation of China's once freewheeling internet industry.

Chinese bank and insurance regulator head Guo Shuqing told state media this month that the "rectification" of the financial businesses of 14 platform companies has been basically completed.

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