According to an announcement by the Hong Kong Securities and Futures Commission, Cool River Venture HK Limited, founded by Zhang Yiming, co-founder of ByteDance, was awarded License No. 9 (Asset Management License) on November 21, 2024. With the license, the company can carry out asset management business in Hong Kong. ByteDance has declined to comment on this. According to the official website of the Companies Registry of the Hong Kong Special Administrative Region Government, Cool River Venture HK Limited was registered on May 22, 2023. Reports suggest that Cool River Venture is a private limited company, with Zhang Yiming as the sole director and Galaxy LLC as the sole shareholder, registered in the Cayman Islands. Reports indicate that Cool River Venture is similar to a private equity fund, with a primary investment focus on the technology industry. In May 2021, Zhang Yiming officially stepped down from his position as CEO of ByteDance. In a company-wide letter, he mentioned that he wanted to focus on long-term strategic, corporate culture, and social responsibility matters. He also emphasized that while people often pay attention to changes in business models and brand channels, they often overlook ongoing technological advancements such as virtual reality, life sciences, and scientific computing that are shaping the future of human life.