On Jan. 27, data from the corporate information website SkyEye showed that Zhang Yiming, the founder of ByteDive, quit as a legal person of ByteDive and several affiliated companies and was replaced by Zhang Lidong. ByteDive operates ShakeYin and TikTok software in the global market. 

Zhang Yiming announced his resignation as CEO of ByteDive in an open letter to all employees in May last year; then, announcing that he was exiting from his position at ByteJump.

The company is now under the control of corporate co-founder Liang Rupo, who will no longer attend the company’s internal bi-monthly meetings or participate in day-to-day management.

Following Beijing’s control of Internet platform firms, the founders and executives of several companies, including Jindo, Racer, Alibaba, and Xiaomi, have stepped down from various positions.

Dr. Jason, a financial commentator, noted that some of its founders had left or are no longer in their original positions. It’s possible that the company positions can be re-established. The reason is, in prior years, Internet companies pursued a strategy of hurriedly making money and then desperately expanding, regardless of the field or professional orientation. Now, the Chinese authorities require Internet enterprises to develop in an orderly manner or will suppress them.

According to He Xu, commentator of ‘Times’, Beijing government regulations have directly prompted a wave of CEOs’ resignations.  In the past, the CCP subtly supported government-business partnerships and the rapid growth of all businesses, resulting in high debt levels for many of them. 

Some executives are departing because of the crackdown, while others may leave due to risk aversion. ByteJump is one of the companies that the Beijing government wants to control because it has access to a lot of private user information.  This is what happened before with the Xiaomi company, users discovered that the Chinese government ‘National Anti-fraud Center’ app had been installed on their devices after updating the operating system. The same is happening with Zhang Yiming’s company.

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