Source: Hong Kong Economic Times
On December 18, according to information on the website of the Hong Kong Securities and Futures Commission, the fund "Cool River Venture HK Limited" under ByteDance founder Zhang Yiming obtained the No. 9 license-asset management license issued by the Hong Kong Securities and Futures Commission on November 21, 2024, and can carry out asset management business in Hong Kong.
The company was founded by Zhang Yiming, the richest man in China on the Hurun Rich List in 2024 and the founder of TikTok and Douyin's parent company ByteDance. It was reportedly registered in Hong Kong in May 2023. Zhang Yiming is the only director and the only shareholder is Galaxy LLC, which is registered in the Cayman Islands. The fund's main investment direction is technology-related industries.
Zhang Yiming has been laying out the technology industry for many years. In May 2021, Zhang Yiming stepped down as CEO of ByteDance and stated in a letter to all employees that he wanted to 'focus on long-term important matters such as vision strategy, corporate culture, and social responsibility,' and that 'everyone pays more attention to changes in business models and updates in brand channels, but rarely notices that technological changes are already brewing. The impact of life sciences and scientific computing on human life has already dawned.'
In April 2023, Zhang Yiming publicly stated his commitment to AI: 'I originally thought I could bid farewell to the public eye and influence mainland society in a more diversified and potential way, but on November 30, 2022, an event occurred in the technology startup field that could not be ignored by either the media or the tech circle, as OpenAI invested billions of dollars to develop ChatGPT based on the GPT-3.5 model and entered the public eye.'
Since the beginning of this year, ByteDance has increased its investment in AI, and it is fully committed to it. According to the Science and Technology Innovation Board Daily, relevant individuals revealed that Zhang Yiming is 'particularly willing to spend money in the AI direction.' At the same time, ByteDance is also laying out its related industrial chain.
Recently, ByteDance, Meituan, and Sequoia China jointly completed an investment in a domestic company, with a total investment amount of over 10 million US dollars, with ByteDance as the lead investor. This investment is also one of the few large investments made by ByteDance after the contraction of its strategic investment business this year.
Hong Kong Securities and Futures Commission website
