A private investment fund created last year by billionaire Zhang Yiming – founder of TikTok’s Chinese parent company ByteDance – has received a licence from Hong Kong’s securities regulator to conduct asset management, paving the way for the young entrepreneur to use Hong Kong as a base to manage his wealth. The Securities and Futures … Read more
Douyin, the Chinese version of TikTok with domestic e-commerce operations, has been slammed for charging exorbitant promotion fees amid insufficient sales by the head of Chinese budget retailer Miniso Group, which runs multiple stores on the ByteDance-owned platform. Miniso founder and chief executive Ye Guofu, 47, levelled his criticism of Douyin via his WeChat post … Read more
China’s second-wealthiest man on Wednesday made a surprise demand that the country’s richest man, founder of ByteDance, apologise for the perceived role that TikTok’s Chinese sibling Douyin has played in “spreading rumours and misinformation”. Zhong Shanshan, 69 – founder and chairman of China’s largest packaged drinks company Nongfu Spring and the country’s second-richest person, according … Read more
TikTok, the Chinese-owned short-video app fighting a ban in the US, is determined to earn trust in every market where it operates, CEO Chew Shou Zi said at a summit in Saudi Arabia’s capital city. As the social media industry faces more questions, “earning trust locally … is going to be a big challenge for … Read more
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 … Read more
Colin Huang Zheng, the 44-year-old founder of PDD Holdings, and Zhang Yiming, the 41-year-old founder of ByteDance, are the richest tech entrepreneurs in China, according to a list published by Chinese magazine New Fortune on Wednesday. Huang, whose wealth is largely derived from the popularity of budget e-commerce platforms Pinduoduo and Temu, has a personal … Read more
TikTok owner ByteDance has again denied that it considered divesting the US operations of its popular short video platform, in response to a report by The Washington Post on Wednesday that such a plan existed in 2022. In a brief statement on Thursday, Beijing-based ByteDance called on Chinese social media not to spread such misinformation … Read more
Beijing-based ByteDance late on Thursday rejected a report by US digital publication The Information, which said that it was “exploring scenarios” to sell a majority stake in TikTok’s US operations to firms outside the technology industry and without the algorithm that powers the platform. In a statement posted on its Jinri Toutiao news platform, ByteDance … Read more
A screenshot of the landing page for Gauth: AI Study Companion on Apple’s App Store. Photo: SCMP In July 2021, the General Office of the Chinese Communist Party and the State Council banned private tutoring firms from making a profit via off-campus courses covering school curricula. Listed companies and overseas entities were also barred from … Read more
Beijing-based ByteDance’s website listed more than 320 GenAI-related job openings as of Tuesday, up from 307 vacancies posted a month earlier, according to a search conducted by the South China Morning Post. A specific search for jobs in the development of large language models (LLMs) – the technology used to train ChatGPT and similar GenAI … Read more
