Cool River Venture

Cool River Venture is Zhang Yiming's personal investment vehicle and is legally distinct from ByteDance. Zhang stepped down as ByteDance CEO in 2021 and later set up this Hong Kong entity in 2023 to manage his personal capital. ByteDance maintains its own corporate venture and investment activities through separate entities. The two organizations operate independently, though Zhang remains a major ByteDance shareholder.

The firm holds a Type 9 asset management license from Hong Kong's Securities and Futures Commission. Two Responsible Officers are listed on the license: Liu Bide and Liu Zhao. Liu Zhao previously worked at Barclays Capital Asia. A Type 9 license authorizes the holder to manage a portfolio of securities and futures contracts, which supports both public and private market investment activity.

The capital originates from Zhang Yiming's founder equity in ByteDance, the Beijing-based company he co-founded in 2012 that created TikTok, Douyin, and other platforms. ByteDance is one of the world's most valuable private technology companies, and Zhang's stake has been valued at over $40 billion by Forbes (2024).

Structurally, Cool River Venture is an asset manager incorporated in Hong Kong with a Type 9 SFC license. This licensing framework gives it the ability to manage capital for external parties should Zhang choose to open the vehicle, though current public filings indicate it primarily manages his personal capital. The Cayman Islands holding company structure (Galaxy LLC) further supports potential future externalization.

While the firm has not published a stated mandate, Zhang Yiming has publicly expressed a personal interest in artificial intelligence and deep technology since leaving ByteDance's operational leadership. The firm's registration as a generalist asset manager and the founder's background suggest a focus on AI/ML, enterprise software, and adjacent technology sectors across both private and public markets in Asia and globally.

Zhang Yiming has funded the Fang Mei Education Development Fund, a philanthropic initiative. This foundation is separate from Cool River Venture's investment operations and ByteDance's corporate structure. Zhang's co-founder, Liang Rubo, has also been a frequent philanthropic partner.

Establishing a separate personal investment vehicle creates a clear governance separation between Zhang's personal capital allocation and ByteDance's own corporate development investments. It allows him to pursue opportunities independently, at different investment stages, and in sectors that may not align with ByteDance's strategic priorities, while maintaining regulatory clarity through the Hong Kong SFC licensing framework.