ByteDance co-founder Zhang Yiming surpassed Mukesh Ambani to become Asia’s second-richest person after an increase in the Chinese technology company’s valuation and progress in its artificial intelligence business (03/06).

According to the Bloomberg Billionaires Index, Zhang’s net worth rose to US$92.8 billion, reinforcing his position as China’s richest individual. His fortune has grown more than sevenfold since March 2019, when Bloomberg first estimated his wealth at US$13 billion.

ByteDance Growth Lifts Zhang Yiming’s Fortune

The increase in Zhang’s wealth was supported by the strong performance of ByteDance, the owner of TikTok, and the growing popularity of its AI chatbot, Doubao.

Doubao has attracted more than 300 million monthly users and has become the most widely used AI chatbot in China. Its success has contributed to a higher valuation for ByteDance.

Amy Lin, a Shanghai-based analyst at Capital Securities, said, “The jump in valuation reflects the company’s strong fundamentals and the success of its apps such as Doubao in China.”

She added, “The developments in the US are unlikely to have a major negative impact.”

Investor Reassessment Boosts ByteDance Valuation

Bloomberg reported that Zhang’s wealth increased by more than US$24 billion after reviewing valuations from investors including BlackRock, Fidelity Investments, T. Rowe Price Group, HSG and General Atlantic.

The Bloomberg Billionaires Index had previously applied a 25 per cent risk discount to ByteDance’s valuation after the US House of Representatives passed legislation in March 2024 that would ban TikTok in the United States unless ByteDance sold the platform.

That discount was reduced to 10 per cent on June 2 following the completion of the US business transfer and the release of updated institutional investor valuations in regulatory filings.

US Business Transfer Reduces Uncertainty

Earlier in 2026, ByteDance transferred parts of its US business to American investors.

The company’s US operations were transferred to a consortium led by Oracle, Silver Lake and Abu Dhabi-based investment company MGX.

The move ended years of political and regulatory uncertainty surrounding TikTok’s operations in the United States and concerns about potential national security risks.

ByteDance Expands Focus on Artificial Intelligence

ByteDance is increasing its investment in artificial intelligence as it seeks to strengthen its position in the Chinese market and compete with major US technology companies overseas.

Bloomberg News reported in May that the company is discussing spending as much as US$70 billion in 2026 on AI development. Much of that investment is expected to be funded by the approximately US$50 billion in profit the company generated in 2025.

Ke Yan, a Singapore-based technology analyst at DZT Research, said, “Removing the US overhang unlocked the re-rating of the remaining ByteDance entity.”

He added, “Even with the re-rating, the valuation still looks cheap on fundamentals.”

Asia Wealth Rankings Shift

Following Zhang’s rise, Mukesh Ambani moved to third place in Asia with a net worth of US$86.9 billion, according to the Bloomberg Billionaires Index.

Gautam Adani remained Asia’s richest person with a fortune of US$117.4 billion.

ByteDance remains China’s highest-profile private company and is widely regarded as a candidate for a future initial public offering.

PHOTO: BLOOMBERG/GILLES SABRIE

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