(Bloomberg) -- ByteDance Ltd. co-founder Zhang Yiming’s five-month-old venture capital firm has leased space in one of Hong Kong’s most recognizable skyscrapers, joining an influx of Chinese financial houses into the Asian city.
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Cool River Venture HK Ltd., an investment company Zhang set up in May, has taken two suites on the 21st floor of Two International Finance Centre, according to a filing with Hong Kong’s Land Registry. The fund will share the floor with CTBC Bank Co., a Taiwan lender.
Zhang is among China’s best-known entrepreneurs, founding the social media company that first popularized AI-driven news services before creating the global phenomenon known as TikTok. But the billionaire quit his corporate roles around the time Beijing began cracking down on alleged excesses by tech firms and impresarios such as Jack Ma’s Alibaba Group Holding Ltd., ceding the helm to longtime confidante Liang Rubo.
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Hong Kong is trying to promote itself as an Asian financial hub emerging from the barren years of Covid to again help shape investment and fintech innovation around the region. Cool River itself is regarded as an indicator of Zhang’s future intentions, given the billionaire has largely stayed out of the limelight since stepping back in 2021.
Zhang, who holds a Hong Kong ID card, has a fortune estimated at $42.3 billion, according to the Bloomberg Billionaires Index.
Incorporated in May, it lists Zhang as its sole director, another filing with the Hong Kong Companies Registry showed. Its only shareholder is a Cayman Islands vehicle named Galaxy LLC.
Earlier this year, ByteDance rented out a 20,000 square feet space in the adjacent International Finance Centre, in the heart of Hong Kong’s Central area. TikTok’s owner previously set up a temporary base in a co-working space to house dozens of employees in legal and finance. A ByteDance spokesperson didn’t respond to request for comment on Monday.
Read More: ByteDance Moves Into Iconic Hong Kong Tower as Banks Depart
--With assistance from Zheping Huang and Shawna Kwan.
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