ByteDance Founder Zhang Yiming Enters the Private Equity Industry, Mainly Investing in Technology-Related Sectors
On December 18th, it was reported that “Cool River Venture HK Limited”, founded by Zhang Yiming, co-founder of ByteDance, officially obtained the Hong Kong license plate number 9.
According to the announcement of the Hong Kong Securities and Futures Commission, Cool River Venture HK Limited obtained License No. 9 issued by the Hong Kong Securities and Futures Commission in November 2024, which is an asset management license. After obtaining the license, the company can conduct asset management services in Hong Kong.
Cool River Venture was established on May 22, 2023 as a private limited company with Zhang Yiming as the sole director.
ByteDance has declined to comment on this matter.
According to industry sources, Cool River Venture is similar to a private equity fund. The main investment direction of this fund is in technology-related industries.
A private equity fund refers to an investment fund that raises funds from specific investors through non-public means and invests in specific targets. Private equity funds are raised through means other than public communication, where sponsors gather funds from non-public diverse entities to establish investment funds for investments.
In May 2021, Zhang Yiming officially stepped down as CEO of ByteDance. In a company-wide letter, he mentioned that he wanted to ‘focus on long-term important matters such as vision strategy, corporate culture, and social responsibility.’ He also pointed out that while many people pay attention to changes in business models and brand channels, they often overlook the brewing technological revolution. He highlighted the impact of virtual reality, life sciences, and scientific computing on human life.
Earlier this month, there were reports stating that although Zhang Yiming had stepped down as CEO of ByteDance, he has been actively involved in the group’s AI strategy. Sources mentioned that Zhang personally supervised the recruitment of AI engineers and researchers from competitor companies. Internally, Zhang discussed his goal of achieving ‘general artificial intelligence,’ which refers to systems with intelligence similar to humans.
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