TikTok-parent company ByteDance founder is the richest man in China

ByteDance founder Zhang Yiming becomes China’s richest person with a wealth of $49.3 billion, surpassing Zhong Shanshan whose fortune dropped to $47.9 billion. Tencent’s Pony Ma is third, and Alibaba’s Jack Ma saw a decline in his wealth. Hurun China Report cites economic challenges affecting real estate while consumer electronics experience growth.