Chinese government entities to take golden shares in Alibaba, Tencent

Chinese government entities are set to take so-called “golden shares” in units of Alibaba Group Holding Ltd. and Tencent Holdings Ltd., suggesting Beijing is moving to ensure greater control over key players in the world’s largest internet arena.

The discussions are emerging as Beijing prepares to loosen its grip on the sector and move past a bruising crackdown that’s enveloped most every internet sphere for well over a year. That share structure, which in theory allows the government to nominate directors or sway important company decisions, could grant officials a tool to influence the industry over the longer term.

An arm