(May 24): ByteDance Ltd co-founder Zhang Yiming has set up an investment company in Hong Kong, indicating he’s planning a new chapter after quitting his leadership roles at the social-media giant in 2021.
Cool River Venture HK Ltd, incorporated last week, lists Zhang as its sole director, a filing from the Hong Kong Companies Registry shows. Its only shareholder is a Cayman Islands vehicle named Galaxy LLC.
Zhang is creating a new venture in Hong Kong just as the city seeks to lure back rich people after years of isolation and population decline during Covid. The government is planning tax cuts and other measures to attract at least 200 family offices in setting up or expanding operations there by the end of 2025.
ByteDance’s co-founder is among the top tech executives who have quit their corporate roles as China cracked down on the wealthy in a “common prosperity” drive to reduce inequality. In recent years, he’s frequently traveled to Singapore and has donated money to an education fund in his hometown, joining other tycoons in giving back to society.
Zhang, who holds a Hong Kong ID card, has a fortune estimated at US$42.3 billion (RM193.9 billion), according to the Bloomberg Billionaires Index.
Source: TheEdge - 25 May 2023
Created by edgeinvest | Mar 28, 2024
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Created by edgeinvest | Mar 28, 2024
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Created by edgeinvest | Mar 28, 2024