(Yicai Global) May 24 -- Zhang Yiming, who co-founded ByteDance, TikTok’s Chinese owner, has set up a personal investment fund in Hong Kong.

Cool River Venture was founded on May 22, with Zhang as director, Hong Kong’s companies registry showed. Digital asset and blockchain firm Galaxy is the fund’s sole shareholder.

Cool River Venture will mainly invest in technology-related industries, according to a source.

Zhang stepped down as ByteDance’s chief executive in May 2021. Co-founder Liang Rubuo replaced him. In his resignation letter, Zhang mentioned his interest in emerging technology fields, such as virtual reality, life sciences, and scientific computing.

Zhang, a 40-year-old billionaire, has kept a low profile since ceding the reins. His latest public appearance was in his hometown in Fujian province earlier this month when he donated a further CNY200 million (USD28.3 million) to an education fund he set up in 2021.

Editor: Futura Costaglione