It's probably talking about "golden shares", more officially called "special management shares":
The move to take stakes in the local operations of Alibaba and Tencent, which usually amount to about 1%, have been dubbed “golden shares” as they come with special rights over business decisions.
Within China the stakes are known as “special management shares” and have been used since 2015 by the state to exert influence.
Now I don't have a very good/detailed source on what those special rights actually are, but they seem to involve outright veto on some matters, according to some Western press:
The so-called golden shares, or special management shares, generally allow the state-backed entity to install a board member with the power to veto decisions — for the company the entity has taken a 1% stake in.
Some Bloomberg columnists speculate that this is done so in order to reduce the appearance of regulatory overburden, i.e. exert state influence in a less transparent way.
An older (2021) paper says:
Official documents indicate that special management shares are a class of equity shares with special governance power or greater voting rights than ordinary shares. The first purchase under this scheme occurred in 2016, when the official CCP newspaper People’s Daily acquired 1 percent of a Beijing-based Internet company and installed a “special director” on the board who possesses veto power over content.
The latter company appears to have been the somewhat obscure Beijing Tiexue Technology.