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 each corporations. 

State-run investment funds have taken 1% stakes in two local Alibaba subsidiaries and appointed a board member to certainly one of the units, Reuters reported, citing business-registration records. The Chinese government can also be taking a stake in certainly one of Tencent’s primary China operating subsidiaries, the Financial Times reported, citing people at the corporate 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.