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ByteDance founder launches investment fund in Hong Kong

Zhang Yiming, founder of TikTok's parent company ByteDance, has created a private investment fund called Cool River Venture based in Hong Kong. Primarily focusing on tech-related industries, the fund was registered on May 22, according to the Hong Kong government's companies registry. This marks a rare insight into Zhang's activities since stepping down as CEO and Chairman of ByteDance, the world's highest-valued unicorn. The 40-year-old entrepreneur spent most of the previous year overseas, predominantly in Singapore. Additionally, this month, Zhang contributed RMB200m (USD28.9m) to an educational fund he established in his home city of Longyan, Fujian province, in 2021.


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