China Internet Investment Fund Management Co. Ltd.
Native name
Company typeState-owned enterprise
IndustryInvestment management
Founded22 January 2017; 7 years ago (2017-01-22)
HeadquartersBeijing, China
Key people
Wu Hai (Chairman)
AUM¥100 billion RMB (approx US$15 billion)
ParentCyberspace Administration of China
Ministry of Finance Edit this at Wikidata

The China Internet Investment Fund (CIIF; Chinese: 中国互联网投资基金; pinyin: Zhōngguó Hùliánwǎng Tóuzījījīn), is a China Government Guidance Fund. The fund focuses on the internet sector including cybersecurity, artificial intelligence, big data, cloud computing and other services that are in line with national strategies and help develop the digital economy of China.

Notable companies that the fund has golden share ownership in include ByteDance, Sina Corporation, SenseTime and Kuaishou.


On 22 January 2017, CIIF was established as a 100 billion yuan fund by the Cyberspace Administration of China and Ministry of Finance to support investments in the internet sector. An initial 30 billion yuan funding came from firms including ICBC, China Mobile, China Unicom and CITIC Guoan Group. ICBC, China Development Bank and Agricultural Bank of China would provide financial services and a 150 billion yuan line of credit. The aim of the fund was to turn China into a major player in internet technology and to facilitate Premier Li Keqiang’s Internet Plus strategy.[1][2][3][4][5][6]

CIIF makes use of golden shares that enable it to exercise significant control over companies it invested in despite low ownership. For example, it holds a 1% stake in a subsidiary of ByteDance and appoints one of the three board members of that unit, which holds key licenses for ByteDance's domestic short-video business. Another example is Sina, where it acquired a 1% stake for only 10.7 million yuan ($1.5 million).[4][6][7][8][9][10]

In January 2023, CIIF acquired golden shares in two local divisions of the Alibaba Group that control Youku and UCWeb.[9][10]



  1. ^ "China Has Reportedly Launched a Huge $14.6 Billion Internet Investment Fund". Fortune. Retrieved 7 June 2023.
  2. ^ "Beijing Launches 100 Billion Yuan Internet Fund". Caixin. Retrieved 7 June 2023.
  3. ^ "China sets up 100 billion yuan state fund to invest in the internet". South China Morning Post. 22 January 2017. Retrieved 7 June 2023.
  4. ^ a b c d e f "China's communist authorities are tightening their grip on the private sector". The Economist. ISSN 0013-0613. Retrieved 7 June 2023.
  5. ^ Mendoza, Carmela (23 January 2017). "Chinese government launches $14.6bn internet fund". Private Equity International. Retrieved 7 June 2023.
  6. ^ a b c d e f "#29 - Cybersecurity Administration of China (CAC) and the China Internet Investment Fund (CIIF)". Retrieved 7 June 2023.
  7. ^ a b c "Chinese Government Invested in the Same Tech Companies It's Now Attacking". The Information. Retrieved 7 June 2023.
  8. ^ "Fretting about data security, China's government expands its use of 'golden shares'". Reuters. 15 December 2021. Retrieved 7 June 2023.
  9. ^ a b "Game over for Jack Ma? China buys Alibaba's 'golden shares'". International Finance. 17 January 2023. Retrieved 7 June 2023.
  10. ^ a b "China acquires 'golden shares' in two Alibaba units". Reuters. 13 January 2023. Retrieved 7 June 2023.