State-owned Beijing Tourism Group and a number of other companies might be looking to get a controlling stake in Didi Global (DIDI  ), the world's largest ride-hailing company, according to Bloomberg, who cited people familiar with the matter.

Shares of Didi jumped 7.5% on the news, although said gains have largely been erased at the time of this writing.

Details of the preliminary proposal are limited. According to Bloomberg's sources, the Beijing Tourism Group, Shoqui Group, Didi's largest rival, and other private interests might take a "golden share," in Didi, giving the consortium both veto power and a board seat.

However, It's unclear how the group could get a controlling interest in Didi. The company's President Jean Liu, and co-founder, Cheng Wei wield 58% of aggregate voting power, not to mention Didi's public shareholders and Uber (UBER  ) and SoftBank (SFTBY  ) , whom both own a minority stake. It's also uncertain whether or not senior officials would approve such a deal.

Neither Shouqi nor the Beijing Tourism Group replied to Bloomberg's request for comment. In a statement, Didi denied the rumors and said that it would continue to work with regulators as part of its ongoing cybersecurity review.

The probe began after Didi debuted on U.S. exchanges in defiance of Chinese regulators. The Cyberspace Administration of China followed up the IPO with allegations of illegal data sharing, which ultimately forced Didi to take its app off of Chinese app stores. Future sanctions against Didi are not off the table, as regulators might still force the company to pay a hefty fine, suspend its operations, or go private.

However, having a state-owned interest who has the final say in Didi's decisions could help the beleaguered ride-hailing giant weather the current regulatory onslaught, according to Bloomberg Intelligence.

Such an investment would mirror the government's moves last month when it took a controlling interest in ByteDance's China division. This pattern of state-run interests taking board seats in private companies could offer a model for regulators going forward as they try to reign in excesses at China's top tech companies.

Said efforts have resulted in an 11-month campaign that has left virtually no corner of the Chinese tech scene untouched. From Alibaba (BABA  ) to Meituan (MPNGF  ), China's tech giants have lost trillions in market cap as the government's wealth redistribution campaign intensifies.

Whatever happens with the rumored state buy-in, other regulatory hurdles remain. A sizable number of Didi's drivers remain unlicensed. Last Thursday, the transport ministry charged Didi and its rivals with finding a plan to rectify the situation by December, which hints at regulations to come.