Topic
The latest news on Chinese internet entrepreneur Zhang Yiming, chairman and founder of ByteDance and Douyin/TikTok, including Chinese business news and updates.
As many of the country’s tech founders hand over the reins, it’s worth remembering that once start-ups grow to a certain size they need professional managers to take over.
The crackdown on mainland China’s private tutorial schools has been a long time coming. The industry encourages an academic arms race and has created widening inequalities between different economic classes, and between families in cities and the more disadvantaged in rural areas.
- Beijing-based ByteDance has rejected a report that said it was ‘exploring scenarios’ to sell a majority stake in TikTok’s US operations
- The privately held social media giant said it had no plans to sell TikTok
Caught between demands from Washington and Beijing, ByteDance has chosen the route of resistance in the US.
Many Chinese netizens on Weibo and former Global Times editor Hu Xijin praised TikTok for urging American users to flood legislators with calls against a new bill.
The firm has offered to purchase shares from staff at US$170.81 each, up nearly 7 per cent from late last year.
American lawmakers’ latest effort is not expected to make progress just like previous attempts amid Beijing’s strong opposition and China’s tech export restrictions.
ByteDance founder Zhang Yiming and other key voices at the company view AI as a battle that it cannot afford to lose, one source says.
ByteDance founder reportedly asked village in Fujian province to remove the commemorative stone tablet amid online speculation.
At a staff meeting, Liang said internal discussions of the OpenAI chatbot, which launched in November 2022, only emerged in 2023.
Chief executive Liang Rubo said ByteDance has become slow and inefficient in the face of increased competition.
The retreat by ByteDance from the mainstay of Tencent’s business is likely to bring the curtain down on a series of online spats and court battles between two internet giants.
TikTok owner ByteDance has confirmed that it is in talks with multiple potential buyers for its video game operations, including Tencent Holdings, the world’s biggest gaming company by revenue.
ByteDance’s TikTok aims to grow the size of its US e-commerce business tenfold to as much as US$17.5 billion this year, according to people familiar with the matter, posing a bigger threat to Amazon.com.
ByteDance has scaled back its video game and virtual reality ambitions to focus on scaling e-commerce, which now faces challenges in Southeast Asia.
Sales growth for the world’s most valuable start-up rose 30 per cent this year, sources told Bloomberg, matching the pace of 2022 and making ByteDance one of China’s largest companies.
ByteDance, the owner of TikTok, is offering to buy back up to US$5 billion worth of shares from existing investors as its initial public offering plan remains up in air, according to sources briefed on the matter.
Lei Jun donated US$183 million to Wuhan University, a leading Chinese research institution, on its 130th anniversary on Wednesday.
Decision to pull back by China’s highest-valued unicorn underscores the lingering risks in the world’s biggest video gaming market, despite some shoots of recovery.
The rules effectively ban individuals and many smaller studios from advertising on ByteDance’s popular Chinese short-video app.
ByteDance, China’s most valuable unicorn and the owner of TikTok, is offering US$160 per share to current employees and anyone laid off, and US$128 to those who quit their job, according to sources.
Chinese tech founders moved up in this year’s Hurun Rich List although macroeconomic headwinds in China kept overall wealth gains in check.
TikTok Shop is a fast-growing feature within China’s short-video app, with a burgeoning fan base in Southeast Asia, Indonesia the successful launch pad and Chinese entrepreneurs part of the action.
Better online conditions for businesses ‘an urgent need’ to ensure industrial and economic security, CAC statement says, warns of ‘harsh’ crackdown on offending social media accounts.
Zhang Yiming’s Cool River Venture, incorporated on Monday, will invest mostly in technology-related industries, according to sources.
From India’s energy magnates Gautam Adani and Mukesh Ambani to China’s Zhong Shanshan and Pony Ma Huateng, which billionaires in Asia are giving back big?
ByteDance’s decision to sell its real estate business underscores the tech unicorn’s continued reorganisation efforts.
The entrepreneur is adding nearly US$29 million to a charitable education fund in his hometown, his first bout of publicity since 2021.
Cyberspace Administration of China says work priorities include advancing online business environment and protecting enterprise and entrepreneur rights.
Sliding stocks and a depreciating yuan hit the country’s super-rich harder than their peers in any other nation in the last year, according to a new list published by Hurun Report.
Internal comments by Chew Shou Zi indicate he will focus on data security measures in his testimony to House Energy and Commerce Committee.
