BEIJING: ByteDance<\/a> Ltd’s billionaire founder Zhang Yiming has stepped down as chairman, months after resigning as chief executive officer of the TikTok<\/a> owner that’s seeking to reposition itself amid China’s crackdown on its internet industry. ByteDance有限公司的创始人亿万富翁张翳明卸任主席。ByteDance成为第一个中国互联网公司与TikTok取得全球性成功,短视频平台,全球每月超过10亿用户。 北京:ByteDance有限公司的创始人亿万富翁张翳明卸任主席,个月后辞去首席执行官的TikTok老板试图重新定位自己在中国的打击互联网行业。
New CEO Liang Rubo has replaced Zhang on the five-member board that also includes representatives from investors Susquehanna International Group<\/a> and Sequoia Capital<\/a> China, according to a person familiar with the matter. Zhang, 38, will still be involved in formulating the Chinese tech firm’s longer-term strategy, the person said, asking to not be identified discussing private matters.
Representatives with ByteDance and TikTok declined to comment.
The world’s most valuable startup is making a bigger push into enterprise software after Beijing’s yearlong crackdown on the consumer internet and this week announced it was restructuring into six business units. Shouzi Chew has stepped down as chief financial officer of the social media giant to focus on running its hit global product TikTok, as part of the reorganization, ByteDance told employees in a Tuesday memo.
ByteDance had kicked off initial preparations for public listing of its domestic assets, Bloomberg News reported in April. Since then, regulatory changes in China meant Zhang’s company has had to proceed cautiously, even before the initial public offering of Didi Global Inc<\/a> in New York sparked a backlash in Beijing. ByteDance has repeatedly said it’s not ready for an IPO.
“Zhang Yiming is making good on his wishes to spend his time focusing on things outside of ByteDance’s current business,” said Rui Ma, a former tech banker and investor who’s now founder of podcast Tech Buzz China. “The restructuring is necessary streamlining and cutting the fat, because they were frankly becoming bloated.”
ByteDance became the first Chinese internet firm to achieve global success with TikTok, the short video platform that counts more than 1 billion monthly users worldwide. It was valued at $140 billion in a 2020 fundraising round and then surged to as much as $500 billion before declining from that peak, Bloomberg News has reported.
That success, alongside with domestic hits like TikTok peer Douyin and news aggregator Toutiao, has however made the Beijing-based company a target both at home and in the US, where it narrowly escaped a ban and forced sale of the global app under the Trump administration.
In China, ByteDance has come under fire from regulators seeking to rein in its once-freewheeling internet industry. While ByteDance isn’t the target of any official probe -- unlike peers Alibaba Group Holding Ltd<\/a> and Meituan -- the startup was among more than two dozen firms ordered by the tech industry ministry to carry out internal inspections and root out illegal online activity earlier this year. Its fintech arm has also been slapped with wide-ranging restrictions akin to the ones imposed on Ant Group Co.
Beijing’s sweeping controls over online content will likely hit ByteDance even harder. Regulators have slowed approvals for new video games to enforce stricter criteria around content and protection for children, threatening ByteDance’s emergent gaming business, while Xi Jinping’s government has also issued a stern warning on online content that doesn’t conform with “civilized,” Marxist norms. The company was forced to lay off at least hundreds of employees this year, after Beijing introduced its harshest-ever curbs on the after-school tutoring industry, Bloomberg News has reported.
Meanwhile, Beijing has put in place new rules around data security, including a requirement that companies with more than 1 million users need explicit government approval before going public in other countries. Companies like ByteDance and Didi would need to reassure regulators that user data would not be compromised.
In the wake of the clampdown, ByteDance is pivoting away from content and entertainment to better align with Beijing’s priorities. The newly formed Lark unit -- named after its Slack-style work app -- will offer office collaboration tools like video conferencing and contract management. Its cloud arm -- the backbone of Douyin and TikTok’s algorithm recommendations -- will become more open to external enterprise clients. And its education business will focus on vocational training for adults and offer artificial intelligence-powered learning, smart hardware and campus collaboration.
The board change, first reported by Chinese tech outlet Late Post, marks a further retreat by Zhang, who has an estimated fortune of $44.5 billion, from the app factory that he created nearly a decade ago. Faced with the rapid expansion of TikTok as well as the hyper-scale growth and fast-evolving regulatory environment at home, the tycoon had already been delegating responsibility to trusted aides for months.
In 2020, he appointed two executives to run ByteDance’s Chinese operations while hiring Chew to oversee TikTok. According to his May memo announcing the CEO change, Zhang said he had begun discussions to install Liang as his successor in March. He told employees that the day-to-day responsibilities of being at the helm meant he hadn’t achieved as much as he had hoped to in areas like strategic opportunities and social responsibility.
Other tech founders in China have also retreated from their creations in recent months. Kuaishou Technology founder Su Hua said last week he will cede the CEO role to fellow co-founder Cheng Yixiao, while JD.com Inc. in September named a new president, saying that Chairman Richard Liu will concentrate on long-term strategies. Pinduoduo Inc.’s Colin Huang also gave up both CEO and chairman titles at his e-commerce firm.
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ByteDance创始人张翳明张退出董事会发起挑战
新CEO梁Rubo已经取代了张由五名成员组成的董事会,还包括来自投资者的代表海纳国际集团和红杉资本据一位知情人士称,中国的事。张,38岁,仍将参与制定中国科技公司的长期战略,知情人士说,要求不透露姓名的讨论私事。
世界上最有价值的创业公司更大的推动企业软件经过一年北京打击消费者互联网和本周宣布重组成六个业务部门。Shouzi咀嚼辞去首席财务官的社交媒体巨头关注其打击全球产品TikTok运行,作为重组的一部分,ByteDance周二告诉员工备忘录。
ByteDance已经开始初步准备上市的国内资产,彭博新闻社4月报道。乐动扑克从那时起,在中国监管改革意味着张的公司不得不谨慎行事,甚至首次公开发行(ipo)之前迪迪全球公司在纽约引发了北京的强烈反对。ByteDance一再表示这不是准备上市。
“张翳明好他希望花时间关注ByteDance目前的业务之外的事情,”瑞马说,前科技银行家和投资者现在播客技术的创始人。“重组是必要的简化和减少脂肪,因为他们变得臃肿。”
ByteDance成为第一个中国互联网公司与TikTok取得全球性成功,短视频平台,全球每月超过10亿用户。它价值1400亿美元在2020年一个筹款轮然后飙升至高达5000亿美元的峰值下降之前,彭博新闻报道。乐动扑克
成功,除了与国内TikTok同行Douyin和新闻聚合器Toutiao,然而让北京公司目标,在美国,在那里幸免于难的禁令,迫使全球销售的应用程乐动扑克序在特朗普管理。
在中国,ByteDance已经遭到监管机构试图控制once-freewheeling互联网行业。虽然ByteDance不是任何官方调查的目标——与同行阿里巴巴集团(Alibaba Group Holding Ltd .)Meituan——启动是20多个公司下令科技产业部门进行内部检查和根除非法网络活动今年早些时候。其fintech部门也受到了广泛的限制类似于那些对蚂蚁集团有限公司
北京的全面控制在线内容可能会触及ByteDance更加困难。监管机构已放缓审批新的视频游戏执行更为严格的标准在内容和保护孩子,威胁ByteDance紧急的博彩业务,而习近平的政府也在网上发出了严厉的警告内容,不符合“文明”,马克思主义规范。该公司被迫解雇至少数百名员工,今年在北京推出了harshest-ever限制课后辅导行业,彭博新闻报道。乐动扑克
与此同时,中国政府实施新规则在数据安全,包括要求公司有超过100万用户需要明确政府批准之前在其他国家上市。ByteDance和迪迪等公司需要向监管机构保证用户数据不会妥协。
在压制后,ByteDance旋转远离内容和娱乐,以更好地协调与北京的优先级。新成立的云雀,命名Slack-style工作单元应用程序——将提供办公室协作工具,如视频会议和合同管理。云的胳膊——Douyin的支柱和TikTok推荐的算法,将变得更加开放外部企业客户。及其教育业务重点为成人职业培训,提供人工intelligence-powered学习、智能校园硬件和协作。
董事会的变化,首次报道了中国技术出口后晚些时候,标志着进一步撤退,他大约有445亿美元的财富,从应用工厂,他创造了近10年前。面对TikTok的迅速扩张以及hyper-scale增长和迅速发展的国内监管环境,大亨已经将责任委托给信任的助手好几个月了。
2020年,他任命两名高管ByteDance运行的中国业务,而招聘监督TikTok咀嚼。根据他的备忘录CEO可能会改变,张说他开始讨论安装3月梁作为他的继任者。他告诉员工,掌舵的日常责任意味着他没有取得尽可能多的他曾希望在战略机遇和社会责任等领域。
其他科技创始人在中国近几个月也收回了自己的作品。Kuaishou技术创始人苏华上周表示,他将把CEO的联合创始人程Yixiao,而JD.com inc .) 9月份任命一位新总统,说刘董事长Richard将专注于长期战略。黄Pinduoduo Inc .科林也放弃了自己的电子商务公司的首席执行官和董事长头衔。
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BEIJING: ByteDance<\/a> Ltd’s billionaire founder Zhang Yiming has stepped down as chairman, months after resigning as chief executive officer of the TikTok<\/a> owner that’s seeking to reposition itself amid China’s crackdown on its internet industry.
New CEO Liang Rubo has replaced Zhang on the five-member board that also includes representatives from investors Susquehanna International Group<\/a> and Sequoia Capital<\/a> China, according to a person familiar with the matter. Zhang, 38, will still be involved in formulating the Chinese tech firm’s longer-term strategy, the person said, asking to not be identified discussing private matters.
Representatives with ByteDance and TikTok declined to comment.
The world’s most valuable startup is making a bigger push into enterprise software after Beijing’s yearlong crackdown on the consumer internet and this week announced it was restructuring into six business units. Shouzi Chew has stepped down as chief financial officer of the social media giant to focus on running its hit global product TikTok, as part of the reorganization, ByteDance told employees in a Tuesday memo.
ByteDance had kicked off initial preparations for public listing of its domestic assets, Bloomberg News reported in April. Since then, regulatory changes in China meant Zhang’s company has had to proceed cautiously, even before the initial public offering of Didi Global Inc<\/a> in New York sparked a backlash in Beijing. ByteDance has repeatedly said it’s not ready for an IPO.
“Zhang Yiming is making good on his wishes to spend his time focusing on things outside of ByteDance’s current business,” said Rui Ma, a former tech banker and investor who’s now founder of podcast Tech Buzz China. “The restructuring is necessary streamlining and cutting the fat, because they were frankly becoming bloated.”
ByteDance became the first Chinese internet firm to achieve global success with TikTok, the short video platform that counts more than 1 billion monthly users worldwide. It was valued at $140 billion in a 2020 fundraising round and then surged to as much as $500 billion before declining from that peak, Bloomberg News has reported.
That success, alongside with domestic hits like TikTok peer Douyin and news aggregator Toutiao, has however made the Beijing-based company a target both at home and in the US, where it narrowly escaped a ban and forced sale of the global app under the Trump administration.
In China, ByteDance has come under fire from regulators seeking to rein in its once-freewheeling internet industry. While ByteDance isn’t the target of any official probe -- unlike peers Alibaba Group Holding Ltd<\/a> and Meituan -- the startup was among more than two dozen firms ordered by the tech industry ministry to carry out internal inspections and root out illegal online activity earlier this year. Its fintech arm has also been slapped with wide-ranging restrictions akin to the ones imposed on Ant Group Co.
Beijing’s sweeping controls over online content will likely hit ByteDance even harder. Regulators have slowed approvals for new video games to enforce stricter criteria around content and protection for children, threatening ByteDance’s emergent gaming business, while Xi Jinping’s government has also issued a stern warning on online content that doesn’t conform with “civilized,” Marxist norms. The company was forced to lay off at least hundreds of employees this year, after Beijing introduced its harshest-ever curbs on the after-school tutoring industry, Bloomberg News has reported.
Meanwhile, Beijing has put in place new rules around data security, including a requirement that companies with more than 1 million users need explicit government approval before going public in other countries. Companies like ByteDance and Didi would need to reassure regulators that user data would not be compromised.
In the wake of the clampdown, ByteDance is pivoting away from content and entertainment to better align with Beijing’s priorities. The newly formed Lark unit -- named after its Slack-style work app -- will offer office collaboration tools like video conferencing and contract management. Its cloud arm -- the backbone of Douyin and TikTok’s algorithm recommendations -- will become more open to external enterprise clients. And its education business will focus on vocational training for adults and offer artificial intelligence-powered learning, smart hardware and campus collaboration.
The board change, first reported by Chinese tech outlet Late Post, marks a further retreat by Zhang, who has an estimated fortune of $44.5 billion, from the app factory that he created nearly a decade ago. Faced with the rapid expansion of TikTok as well as the hyper-scale growth and fast-evolving regulatory environment at home, the tycoon had already been delegating responsibility to trusted aides for months.
In 2020, he appointed two executives to run ByteDance’s Chinese operations while hiring Chew to oversee TikTok. According to his May memo announcing the CEO change, Zhang said he had begun discussions to install Liang as his successor in March. He told employees that the day-to-day responsibilities of being at the helm meant he hadn’t achieved as much as he had hoped to in areas like strategic opportunities and social responsibility.
Other tech founders in China have also retreated from their creations in recent months. Kuaishou Technology founder Su Hua said last week he will cede the CEO role to fellow co-founder Cheng Yixiao, while JD.com Inc. in September named a new president, saying that Chairman Richard Liu will concentrate on long-term strategies. Pinduoduo Inc.’s Colin Huang also gave up both CEO and chairman titles at his e-commerce firm.
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