Chinese tech tycoons take a back seat amid shake-up of sector

ByteDance founder Zhang Yiming's announcement that he was stepping down as chief executive of the tech giant came in the wake of top food-delivery platform Meituan losing $34 billion in value in four days. PHOTO: REUTERS
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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 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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