IT MIGHT BE confused for one of the world’s savviest tech investors. China Internet Investment Fund’s (CIIF) portfolio is the envy of venture capitalists everywhere. It owns part of ByteDance, the Beijing-based parent of social media group TikTok, and Weibo, the Twitter-like platform. It has a stake in SenseTime, one of China’s most advanced artificial intelligence (AI) groups, and Kuaishou, a popular Chinese short-video service. The firm’s investment list reads like a who’s who of the industry.
More stunning are the terms of these investment deals. CIIF’s 1% stake in a ByteDance subsidary gives it the power to appoint one of three board members in a unit that holds key
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