TikTok Founder Becomes China’s Richest Person

by THEFUTURE.TEAM

October 30, 2024

Zhang Yiming, the visionary behind ByteDance and its flagship app TikTok, has ascended to the status of the richest person in China, boasting a remarkable fortune of $49.3 billion. This milestone marks a significant 43% increase in his wealth since 2023, according to the latest Hurun Research Institute report.

Key Highlights

Zhang, 41, co-founded ByteDance and stepped down from his leadership role in 2021. However, he continues to hold around 20% of the company’s shares, ensuring his substantial stake in its ongoing success. TikTok has emerged as a global phenomenon, captivating millions of users worldwide despite ongoing security concerns and accusations regarding its ties to the Chinese government. ByteDance has vigorously denied these allegations, which suggest that TikTok could be a tool for espionage.

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The platform’s future remains uncertain, particularly with the impending U.S. ban on TikTok set for January 2025. This move forces ByteDance to consider selling its highly prized recommendation algorithm, a crucial element that has propelled TikTok to unprecedented heights in the social media landscape.

Despite the challenges posed by U.S. regulations, ByteDance reported an impressive 60% increase in global profits last year, demonstrating its resilience and adaptability in a competitive market. Zhang Yiming’s rise to wealth also reflects broader trends in the Chinese tech industry, where economic conditions have shifted significantly.

The Tech Landscape in China

Zhang is not alone at the top of China’s wealth rankings. Ma Huateng, the head of Tencent, known for its dominance in the gaming industry, ranks third with an estimated net worth of $43.5 billion. However, the fortunes of these tech giants have not been immune to the economic slowdown affecting China. This downturn has hindered competitors from achieving more substantial gains, leading to a situation where only 30% of the individuals on the rich list saw an increase in their net worth this year.

The concentration of wealth among these tech leaders highlights the unique dynamics of China’s economy, where innovation and digital platforms continue to play pivotal roles. As Zhang Yiming solidifies his position at the top, the future of TikTok and ByteDance will be closely watched, particularly in the context of global regulatory pressures and market competition.

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Mitsides Lifts First-Half Profit 14% As Margin Gains Offset Softer Sales

by THEFUTURE.TEAM

September 30, 2026

Mitsides Public Company Ltd posted a solid improvement in first-half profitability in 2026, with net profit rising almost 14 per cent despite a modest decline in revenue, supported by a stronger gross margin and lower financing costs.

According to the group’s interim financial statements, published on its website (Mitsides Group), profit after tax increased to €727,134 in the six months to June 30, from €640,011 a year earlier, an advance of 13.6 per cent.

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Margins and Finance Costs Drive The Improvement

Turnover edged down 1.05 per cent to €18.92 million, compared with €19.12 million in the corresponding period of 2025. Mitsides, which produces and distributes flour and pasta, imports and distributes food products, trades grain and operates in Serbia through its wholly owned subsidiary Mitsides Point, nonetheless delivered stronger profitability across key lines.

The main driver was a wider gross margin, which increased to 27.96 per cent from 26.7 per cent a year earlier. Operating profit also improved, rising to €1.07 million from €1.03 million in the first half of 2025.

At the same time, selling, promotion and administrative expenses increased to €4.21 million, or 22.25 per cent of sales, from €4.03 million, or 21.08 per cent of sales, a year earlier. Even with that rise in overheads, the group benefited from lower borrowing costs, helping preserve momentum at the bottom line.

Lower Borrowing Costs Support Earnings

Net finance expenses fell 25 per cent to €163,225 from €217,775. As a result, profit before tax climbed to €902,192 from €810,508 in the comparable period of 2025. Earnings per share rose to 8.87 cents from 7.81 cents.

The company also reported an improvement in short-term liquidity. Its current ratio increased to 1.35 at the end of June from 1.25 at the end of 2025, although the quick ratio softened to 0.63 from 0.69.

Balance Sheet Strength Improves

Total assets stood at €38.01 million, down from €40.01 million at the end of December, while shareholders’ equity increased to €19.95 million from €19.23 million. Net asset value per share rose to €2.43 from €2.35.

At June 30, the group had €6.94 million in floating-rate borrowings, trade receivables of €7.75 million and bank balances of €717,088.

Growth Plans Continue Amid Geopolitical Uncertainty

Looking ahead, Mitsides said it will continue investing to expand exports while defending its position in the Cypriot market. The group also highlighted uncertainty linked to the wars in Ukraine and the Middle East, as well as persistent inflationary pressures.

In Serbia, where operations are carried out through the wholly owned subsidiary Mitsides Point D.o.o., the business continued to operate against a backdrop of political and economic uncertainty. The company noted that Serbia remains committed to its European path, with the government aiming to complete the technical criteria for EU accession by the end of 2026.

The board did not recommend an interim dividend for the period. Separately, Mitsides completed payment in August of a €410,000 final dividend, equivalent to €0.05 per share, drawn from profits accumulated during the 2023 financial year.

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