Hong Kong’s Securities and Futures Commission (SFC) has granted a type 9 asset management licence to Cool River Venture HK, a private investment fund established last year by billionaire Zhang Yiming, founder of ByteDance, the parent company of TikTok. The licence permits activities including real estate investment management and securities and futures contract management. Based in Hong Kong’s International Finance Centre, Cool River Venture HK lists Liu Bide and Liu Zhao as responsible officers. Incorporated in May 2023, the fund primarily targets investments in technology-related industries. This move allows Zhang to utilise Hong Kong as a base for managing his wealth. ByteDance declined to comment and attempts to reach Zhang were unsuccessful. The approval highlights Zhang’s continued influence in the tech sector despite stepping down as ByteDance’s CEO and chairman in 2021.