Zhang Yiming, co-founder of ByteDance, has established a new investment company in Hong Kong named Cool River Venture HK. Zhang is listed as the company’s sole director, which was incorporated last week, according to a filing from the Hong Kong Companies Registry. The company’s only shareholder is a Cayman Islands vehicle named Galaxy LLC. This move comes after Zhang stepped down from his leadership roles at ByteDance in 2021 and indicates that he may be planning a new chapter in his career.
Zhang’s new venture in Hong Kong coincides with the city’s efforts to attract wealthy individuals back after years of isolation and population decline due to Covid. The government is planning tax cuts and other measures to attract at least 200 family offices to set up or expand operations in Hong Kong by the end of 2025.
Zhang, who holds a Hong Kong ID card, has an estimated fortune of US$42.3 billion. He is among the top tech executives who have stepped down from corporate roles as China cracks down on the wealthy to reduce inequality and promote “common prosperity.” In recent years, Zhang has frequently travelled to Singapore and donated money to an education fund in his hometown, joining other tycoons to give back to society.
Meanwhile, ByteDance’s US short-video app TikTok has faced challenges. DURING A CONGRESSIONAL HEARING IN MARCH, its CEO was questioned for five hours about the app’s Chinese ownership and Beijing’s ability to access data from millions of Americans. Last week, the governor of Montana signed a measure prohibiting the public from downloading the app, a ban that TikTok is seeking to overturn.
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