Ren Lifeng's new business, which will leave ByteDance in late 2023, will be called Beijing Xiuming Wanwu Technology Co., Ltd. According to a company registration information provider, the company was established on January 3 with a registered capital of 1 million yuan (US$139,119). Kichacha.
The entrepreneur is known for his easy-going personality and was part of Douyin's founding team before the short video app launched in 2016, according to two former ByteDance employees. Ren, who specialized in content and operations, later headed another ByteDance product, Xigua Video. Focus on medium and long-form videos.
In 2022, he joined Pico, the now-struggling virtual reality division that the Beijing-based tech unicorn acquired a year ago. Prior to that, Ren worked at Baidu Tieba, a popular online forum owned by China's leading internet search giant.
Alibaba's AliExpress and PDD's Temu face supply chain challenges in South Korea
Alibaba's AliExpress and PDD's Temu face supply chain challenges in South Korea
According to local blog Tech618, an affiliate of Chinese technology media outlet 36Kr, Shumei Wanwu has raised funding from IDG and Sequoia Capital's Chinese arm HongShan at a valuation of more than US$50 million.
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How will China's AI stack up against ChatGPT?
How will China's AI stack up against ChatGPT?
In addition to Meituan's Wang, former ByteDance executives Louis Yang Luyu and Wang Jingjin have also joined or founded generative AI startups.
But Ren is entering another market segment that has recently experienced intense growth of its own. Cross-border shopping platforms supported by China are taking the overseas market by storm.
China's cross-border e-commerce increased by nearly 11% to 15.7 trillion yuan in 2022. In the same year, the total merchandise value of cross-border retailers in China accounted for 37% of the global total, making it the largest market for such activities. to the State Council.
