Two years after stepping down as CEO of ByteDance, founder Zhang Yiming has launched a private funding fund in Hong Kong. The fund, named Cool River Venture, is registered as a non-public restricted firm and is wholly owned by Galaxy LLC. Zhang Yiming serves because the director of the fund.
SEE ALSO:ByteDance Founder Zhang Yiming Donates $28.9M to Support Hometown Education
In his resignation letter to ByteDance staff in May 2021, Zhang indicated that he would shift his focus in direction of long-term technique, company tradition, and social duty. He additionally expressed a eager curiosity in rising know-how sectors, together with digital actuality, life sciences, and scientific computing. Since his resignation, Zhang has maintained a low profile. His most up-to-date public contribution was a donation of 200 million yuan to the Fangmei Education Development Fund in help of vocational and humanities schooling in his hometown.
Sources counsel that the first funding focus of Cool River Venture might be on tech-related industries.
…. to be continued
Read the Original Article
Copyright for syndicated content material belongs to the linked Source : Pandaily – https://pandaily.com/bytedance-founder-establishes-personal-investment-fund-in-hong-kong/