ByteDance founder Zhang Yiming relinquishes another corporate role to firm’s China chairman as reorganisation at tech unicorn continues

  • ByteDance China chairman Zhang Lidong has replaced the company’s founder as legal representative of a business unit that holds patents on various technologies
  • Zhang, a former journalist, is said to be the firm’s moneymaker because he is in charge of the commercialisation of various apps

ByteDance founder Zhang Yiming continues to retreat from his corporate roles at the world’s most valuable unicorn. Photo: Bloomberg
ByteDance founder Zhang Yiming, China’s richest billionaire under 40, has relinquished another corporate role to Zhang Lidong, the low-profile chairman of the company’s mainland business, nearly a month after stepping down as chief executive of the world’s most valuable unicorn.

Zhang, who is not related to the company’s 38-year-old founder, on Wednesday took over as legal representative of Beijing ByteDance Network Technology Co, according to Chinese corporate registry information portal Tianyancha. Former chief executive Zhang had been the legal representative of that firm, which holds patents on the technologies used in various ByteDance-owned products and services, since it was incorporated in 2012.

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