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April 29, 2021 Zhang Yiming (right) CEO of ByteDance. Twitter/globaltimesnews Zhang Yiming, the 38-year-old founder of TikTok owner ByteDance, has topped a list of Chinese business leaders younger than 40 for the third consecutive year. Zhang took the top spot in the 2021 list of the 40 most successful business leaders in China under 40 years old, followed by Su Hua, chief executive of rival video app Kuaishou, and Cheng Wei, the founder of ride-hailing giant Didi. The list is published annually by the Chinese version of Fortune magazine. Zhang built his company to a value of almost US$400 billion in the private market in the nine years since its founding in 2012. ByteDance now hosts a range of popular apps alongside viral video app TikTok and its Chinese version Douyin, as well as news aggregator Jinri Toutiao. ....
How One Woman Turned a $40 Million Kuaishou Bet Into $12 Billion Bloomberg 2/9/2021 Zheping Huang, Coco Liu and Peter Elstrom (Bloomberg) In 2014, as their video app Kuaishou began to take off, Su Hua and his co-founders started looking for money to expand. They quickly got a proposal from Ruby Lu, a venture investor who had spotted them earlier as promising engineers and given them feedback on previous businesses. But Lu’s proposal was trumped by a larger venture firm with a much higher offer, according to people familiar with the matter. She refused to concede. Lu pitched Su and his team that she would give them more than money, offering her personal engagement and the support of her partners at DCM Ventures. She won, even with a lower offer. ....
Last Friday, Kuaishou Technology started trading in Hong Kong after the biggest initial share sale for an internet company since Uber Technologies Inc in 2019. ....