CHINA-ECONOMY: FOUNDERS OF PRIVATE ENTERPRISES ARE REPORTEDLY DIVESTING SHARES BECAUSE OF TIGHTENING CONTROLS
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The South China Morning Post (November 3) reported that Zhang Yiming, the founder of
ByteDance, has officially stepped down from the company’s board after an announcement in
May 2021. ByteDance owns the popular platform TikTok. South China Morning Post added,
citing sources, that Zhang Yiming remains “powerful behind the scenes”. The CEOs of
technology companies have been trying to cash out their shares in anticipation of tightening
controls. Financial Times recently reported that at least two heads of Chinese tutoring
companies started selling their shares right after Xi Jinping criticised private tutoring earlier in
March.
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