Asian Insider

Chinese tech tycoons keep low profile amid shake-up of sector

It could be a sign they are spooked by govt's moves to limit anti-competitive practices, tighten fintech regulations

Ant Group's IPO was suspended shortly after its founder Jack Ma publicly criticised regulators. PHOTO: REUTERS Mr Colin Huang, 41, stepped down in March as chairman of e-commerce giant Pinduoduo. PHOTO: BLOOMBERG ByteDance founder Zhang Yiming, 38, s
Ant Group: Ant Group's IPO was suspended shortly after its founder Jack Ma publicly criticised regulators. PHOTO: REUTERS
Ant Group's IPO was suspended shortly after its founder Jack Ma publicly criticised regulators. PHOTO: REUTERS Mr Colin Huang, 41, stepped down in March as chairman of e-commerce giant Pinduoduo. PHOTO: BLOOMBERG ByteDance founder Zhang Yiming, 38, s
ByteDance: ByteDance founder Zhang Yiming, 38, said last week that he was stepping down as chief executive. PHOTO: REUTERS
Ant Group's IPO was suspended shortly after its founder Jack Ma publicly criticised regulators. PHOTO: REUTERS Mr Colin Huang, 41, stepped down in March as chairman of e-commerce giant Pinduoduo. PHOTO: BLOOMBERG ByteDance founder Zhang Yiming, 38, s
Pinduoduo: Mr Colin Huang, 41, stepped down in March as chairman of e-commerce giant Pinduoduo. PHOTO: BLOOMBERG
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ByteDance founder Zhang Yiming caused a stir last week when he announced that he was stepping down as chief executive of the tech giant, saying he preferred "reading, listening to music and daydreaming".

At 38 and in the prime of his life, and with ByteDance looking for new growth areas and possibly going for an initial public offering (IPO), this is hardly the time for Mr Zhang to put himself out to pasture.

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A version of this article appeared in the print edition of The Straits Times on May 27, 2021, with the headline Chinese tech tycoons keep low profile amid shake-up of sector. Subscribe