The billionaire co-founders of TikTok owner ByteDance, Zhang Yiming and Liang Rubo, have made a joint donation to their alma mater Nankai University, in a rare public move by the young entrepreneurs who have kept a low profile in recent years.
Zhang and Liang, both alumni from the class of 2001, jointly donated 200 million yuan (US$28 million) to the Tianjin-based university on Wednesday to support the school’s mathematical research and talent cultivation, according to a statement published by the university on Wednesday.
Zhang, 41, has stayed out of the public spotlight since relinquishing his roles as CEO and chairman of ByteDance in 2021, a time when several Chinese Big Tech founders stepped down in their prime amid Beijing’s intensified scrutiny of the sector.
Zhang Yiming (second from right) visited his old school, Yongding No 1 Middle School in Fujian, in June 2021. Photo: Handout
While keeping his Chinese citizenship, Zhang has been residing in Singapore, according to court filings in May as part of TikTok’s lawsuit against the US government. TikTok sought to challenge a law that would force the divestiture of the popular short-video app or ban its availability in app stores. Zhang owns roughly 21 per cent of TikTok’s parent ByteDance, court documents also showed.
Liang, who was Zhang’s dormitory roommate, took over the CEO and chairman roles at ByteDance but has never spoken publicly or accepted media interviews since. He also lives in Singapore.
Beijing-based ByteDance, valued at more than US$400 billion at its peak in 2021, last year offered to buy back up to US$5 billion in shares from investors at a valuation of US$268 billion. A Hurun research report in April gave the company, the world’s largest unicorn, a valuation of US$220 billion.
Zhang Yiming (left) and Liang Rubo (right). Photos: Handout
Although the firm’s valuation has plunged amid a private market funding slump and a stalled public listing plan, ByteDance’s profit surged roughly 60 per cent in 2023, overtaking the income growth of China’s biggest tech firms including Tencent Holdings and Alibaba Group Holding. Alibaba owns the Post.
Zhang continues to maintain a low profile, asking a village in his home province of Fujian to remove a stone tablet that called him a “spiritual idol for billions for young entrepreneurs”, according to local media reports in February.
Zhang last year donated 200 million yuan to an education fund he created in his home city of Longyan, following an initial donation of 500 million yuan to start the fund in 2021.
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