Two years after stepping down as CEO of ByteDance, founder Zhang Yiming has launched a personal investment fund in Hong Kong. The fund, named Cool River Venture, is registered as a private limited company and is wholly owned by Galaxy LLC. Zhang Yiming serves as the director of the fund.
In his resignation letter to ByteDance employees in May 2021, Zhang indicated that he would shift his focus towards long-term strategy, corporate culture, and social responsibility. He also expressed a keen interest in emerging technology sectors, including virtual reality, life sciences, and scientific computing. Since his resignation, Zhang has maintained a low profile. His most recent public contribution was a donation of 200 million yuan to the Fangmei Education Development Fund in support of vocational and arts education in his hometown.
Sources suggest that the primary investment focus of Cool River Venture will be on tech-related industries.