Co-founder of ByteDance Ltd. Zhang Yiming founded a company specializing in investment activities in Hong Kong.

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Zhang Yiming, commenting on the creation of a new firm, said that he intends to start a new stage in his professional activity after leaving the leadership of the social media giant two years ago.

Data from the Hong Kong Companies Registry contains information about the registration of Cool River Venture HK Ltd. last week. In the documents, Zhang Yiming is listed as the sole director of the new firm. The sole investor of the company is Galaxy LLC, registered in the Cayman Islands.

Zhang Yiming chose a very good moment to start his business in Hong Kong. Currently, the city authorities are making efforts to return people who own a significant financial resource after several years of isolation measures and population decline as a result of the coronavirus pandemic.

As part of the implementation of a large-scale plan to restore economic processes, the government intends to reduce the amount of taxes. There are also some other measures designed to attract at least 200 family offices to start or expand operations in Hong Kong by the end of 2025.

The co-founder of ByteDance is among the top managers who have decided to resign from corporate positions. This trend was formed after the beginning of the implementation of the state economic and political course of China aimed at achieving common prosperity. As part of this plan, the authorities are taking measures that somehow limit people who have financial resources. The ultimate goal of this strategy of the Chinese Government is to reduce social and economic inequality.

Over the past few years, Zhang Yiming has often visited Singapore. He donated money to the city’s educational fund. Other Asian tycoons have also recently stepped up their activities in the field of charity.

Currently, the fortune of Zhang Iman, who has a Hong Kong identity card, is estimated at $ 42.3 billion.

The TikTok short video app from ByteDance is currently facing difficulties. In March, the executive director attended congressional hearings, during which he answered questions about relations with the Chinese authorities and whether Beijing has tools to gain access to the personal data of millions of Americans. Last week, the governor of Montana signed a regional law banning the app. The company intends to reverse this decision.