PANews reported on December 18 that according to an announcement by the Hong Kong Securities and Futures Commission, Cool River Venture HK Limited, founded by ByteDance co-founder Zhang Yiming, has been issued a No. 9 license (asset management license) to conduct asset management business in Hong Kong. According to the official website of the Hong Kong Special Administrative Region Government Companies Registry, Cool River Venture HK Limited was registered and established on May 22, 2023. It is reported that Cool River Venture is a private limited company, Zhang Yiming is the only director, and the only shareholder is Galaxy LLC, which is registered in the Cayman Islands.