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

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ByteDance founder Zhang Yiming continues to retreat from his corporate roles at the world’s most valuable unicorn. Photo: Bloomberg

Published: 8:00pm, 28 Jan 2022Updated: 8:45pm, 28 Jan 2022

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.

In July last year, the company founder relinquished his legal representative role at Tianjin Tongrong E-commerce Co to Zhang. This entity was used by ByteDance to acquire Wuhan Hezhong Yibao Technology Co, operator of Chinese third-party payment service UIPay.

ByteDance, owner of popular short video-sharing apps TikTok and Douyin, on Friday declined to comment on the latest corporate reshuffle.

Zhang Lidong serves as chairman of ByteDance China. Photo: Baike

The move marks another step up to prominence for ByteDance’s Zhang since his appointment as chairman in 2020, with the responsibility for strategy and monetisation in the company’s home market.

He reports to Liang Rubo, a co-founder of ByteDance, who took over as chief executive at the end of last year.