Founder of TikTok owner ByteDance jumps to top of China's rich list

ByteDance founder Zhang Yiming tops the Hurun China Rich List with a fortune of $49.3 billion, overtaking bottled water magnate Zhong Shanshan. Despite ByteDance's legal issues in the U.S., its revenue grew 30% to $110 billion. However, China's real estate and renewable sectors faced significant financial declines, impacting the overall number of billionaires in the country.