Latest news with #ZhangYiming
Business Insider
21-07-2025
- Business
- Business Insider
TikTok's message to managers: Don't 'be nice' during performance reviews
Tech CEOs are in their extremely hardcore, "No More Mr. Nice Guy" era. At TikTok and its owner, ByteDance, the idea of prioritizing performance over being "nice" has long been part of its DNA. ByteDance founder Zhang Yiming once said that "people who always try to be nice aren't really moral," according to company materials. He was discussing differentiating performance, and said that trying to make everyone happy by giving low and high performers equal grades could harm TikTok's best workers. Zhang left the company in 2021, but his line on niceness remains in updated materials for managers, BI has learned. TikTok did not respond to requests for comment. TikTok sets quotas on how many workers can receive high or low scores in each cycle, and the company tells team leaders to avoid grading everyone at the mid-point, even if their instinct is "to avoid conflict," according to documentation viewed by BI. In its reviews, the company uses eight different ratings, ranging from "F" for failed to "O" for outstanding. In one division, the company said managers had to limit the three highest scores to no more than 5% of team members, and dole out the top four ratings to 10% or fewer employees, BI previously reported. TikTok staffers are preparing for mid-year performance reviews this month. The reviews can be stressful for workers who have watched the company cull head count in previous cycles. In March, TikTok gave low scores to a wave of e-commerce workers, offering some a choice between a performance-improvement plan (PIP) or a severance package. It executed a similar process on other teams a year earlier. Tech's performance push TikTok and ByteDance's approach mirrors a broader push in Silicon Valley to better identify top and low performers. Microsoft tweaked its policies in April to help managers address lower performers, and Meta made it a priority in May to rate more workers as underperformers. The ByteDance approach also reflects a culture of high expectations and long work hours characteristic of the China tech scene, where the company was founded. "It's generally accepted that Chinese companies are quite aggressive about marking non-performers and basically asking them to leave," said Rui Ma, founder of the media and consulting firm TechBuzz China. While Big Tech's management principles may seem harsh, direct feedback is a critical component of good management, said Deborah Grayson Riegel, an executive coach who writes about leadership communication. "Often what we find is that when somebody wants to be liked, they don't give direct feedback," Riegel said. "Higher performers pay the cost because then their job is to manage the lower performers who don't want to be there or shouldn't be there, and so that drags them down as well." Current and former TikTok staffers said the scoring curve can seem arbitrary, however. "More and more leaders were being pushed to rate people at the extremes," one TikTok manager who left the company last year told BI. "Either exceptional, and doing really well, or doing really poorly and giving them these low scores that will eventually push them out of the company." The company asks managers to consider each worker's self-evaluation and coworker feedback when assigning review scores, and department heads may later tweak ratings to meet distribution goals, one staffer said. The score distributions are set based on business priorities, though leaders are instructed not to share those details with reports to avoid the appearance of "forced distribution," BI first reported. The rating curve can breed some competitive animosity among teammates, one TikTok staffer said. "It's very internally competitive," a former staffer said. "You can't co-own a project really in most instances and claim joint results."
India.com
03-07-2025
- Entertainment
- India.com
Rs 95200000 in a minute..., This is how the Labubu doll owner Wang Ning earns per minute, He's now one of China's top..., his net worth is Rs...
Wang Ning, the 38-year-old founder of toy company Pop Mart, has become one of the youngest billionaires in China. His company is best known for creating Labubu, a small, mischievous-looking toy that has taken the world by storm. What began as a simple drawing turned into a global trend when Pop Mart turned the character into a blind-box toy, a kind of surprise toy where buyers do not know what they'll get until they open it. People quickly fell in love with Labubu, and soon it became a pop culture sensation. Thanks to Labubu's huge success, Wang Ning's wealth shot up in just one year. According to the Forbes Real-Time Billionaires List, his net worth jumped from USD 7.59 billion in 2024 to USD 22.1 billion in June 2025. He's now one of China's top 10 richest people, joining names like the founders of Tencent and ByteDance. The success of the Labubu doll Labubu's popularity is not limited to China. The toy has fans across Asia, Europe, and the U.S., with collectors willing to spend big money on it. In one recent example, a life-sized Labubu figure was sold at a Beijing auction for 1.08 million Yuan (about Rs. 1.2 crore or USD 150,000). The massive success of the Labubu doll has pushed Wang Ning into the spotlight as China's 10th richest person and the youngest among the country's top billionaires. He now shares space with well-known names like TikTok founder Zhang Yiming, Xiaomi's Lei Jun, and Nongfu Spring's Zhong Shanshan. Here's how much labubu doll owner earn in a day Wang Ning earns Rs. 137000000000 in a day Rs. 68570000000 in 12 hours Rs. 5710000000 in 1 hour Rs. 2850000000 in 30 minutes Rs. 95200000 in a minute Rs. 1587000 in second Labubu dolls based on which character? Labubu dolls are soft toys and collectible figurines based on a character from the book series The Monsters, created by Hong Kong-born artist Kasing Lung. The character is inspired by Nordic fairy tales, is a small elf-like creature with a toothy grin that fans find adorable and quirky. The doll's popularity saw massive ou after Lisa from K-pop group Blackpink was spotted holding one. Soon, celebrities like Kim Kardashian, Rihanna, and Dua Lipa also joined in, making Labubu a global fashion and collector trend. Whenever Pop Mart releases a new Labubu design, fans rush to buy it—often selling out within minutes. While regular Labubu figures cost around USD 30 (about Rs. 2,500), rare or limited edition versions sell for much more. In one case, a life-sized Labubu was sold at a Beijing auction for USD 150,000 (roughly Rs. 1.28 crore). Labubu fever grew so intense that even a bank in China tried to attract new customers by offering a free Labubu doll to anyone who opened an account and deposited more than 50,000 yuan. However, this marketing trick was quickly blocked by regulators.
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First Post
01-07-2025
- Entertainment
- First Post
How Labubu frenzy made its founder Wang Ning China's youngest billionaire
Wang Ning, founder of toy maker PopMart, the company behind Labubu dolls, is one of China's youngest billionaires. The 38-year-old is now among the country's top 10 richest people, with a net worth of $22.7 billion, rubbing shoulders with founders of companies like Tencent, ByteDance and Nongfu read more Wang Ning, the founder of Pop Mart International Group, is now one of China's wealthiest individuals, all thanks to the skyrocketing popularity of Labubu dolls across Asia, Europe, and the US. Image courtesy: PopMart You might not fully understand the hype around Labubu, and honestly, you're not alone. The scruffy, bug-eyed doll is everywhere these days. Love it or not, one thing's certain: this odd little creature has minted its maker a fortune. Wang Ning, the founder of Pop Mart International Group, is now one of China's wealthiest individuals. At just 38, he's become the country's 10th richest person, and the youngest on the list, all thanks to the skyrocketing popularity of Labubu dolls across Asia, Europe, and the US. According to Forbes' Real-Time Billionaires List, Wang Ning's net worth has soared to $22.7 billion — nearly quadrupling from $7.59 billion earlier in 2024. He now ranks alongside industry giants like ByteDance's Zhang Yiming, Nongfu Spring's Zhong Shanshan, and Tencent's Ma Huateng. STORY CONTINUES BELOW THIS AD So, how did this 'ugly-cute' toy build a billion-dollar empire? Here's what we know. How did the Labubu craze begin? Labubu was born from the imagination of Kasing Lung, a Hong Kong-based Belgian artist known for his quirky monster-themed artwork. The character first appeared in 2015 in his illustrated book series The Monsters, where it stood out for its wild hair, wide eyes, toothy smile, and that odd mix of creepy and cute. While Labubu started as a niche character known to art toy collectors, everything changed in 2019 when Pop Mart saw the character's potential. The company teamed up with Lung, licensed Labubu, and introduced it into its popular 'blind box' collections—a hit format among Gen Z and millennials where buyers don't know which figure they're getting until they open the box. That mystery factor, combined with Labubu's offbeat charm, quickly sparked a collector craze. From small keychains to life-sized plush toys, Labubu is now available in hundreds of designs. Some of the rarest ones have sold for thousands of dollars in resale markets. While Labubu started as a niche character known to art toy collectors, everything changed in 2019 when Pop Mart saw the character's potential. File image/AFP With its growing popularity , Labubu soon crossed over into global pop culture. Celebrities like Rihanna, Kim Kardashian, Dua Lipa, BLACKPINK's Lisa, and even Bollywood actor Ananya Panday have been spotted with the doll. Every time a new Labubu design is released, it flies off the shelves. While standard figures sell for about $30 (around Rs 2,500), limited editions can fetch much higher prices. In one jaw-dropping example, a human-sized Labubu recently sold for $150,000 (roughly Rs 1.28 crore) at an auction in Beijing. A Labubu doll in China recently fetched $150,000 (Rs 1.28 crore) at auction. Reuters A bank in China also tried to entice new customers by offering Labubu toys to anyone who opened a new account and deposited more than 50,000 yuan. However, the move was blocked by financial regulators. How Labubu made Wang Ning one of China's richest Wang Ning, the man behind Pop Mart, didn't start out in the toy business. A former state television employee, he launched Pop Mart in 2010 as a small Beijing-based store selling designer lifestyle products, toys, and gadgets. But it wasn't until he leaned into the growing demand for collectible art toys—especially blind box figures—that his business truly took off. STORY CONTINUES BELOW THIS AD In 2020, Pop Mart went public on the Hong Kong Stock Exchange, and shares surged by 79 per cent on the first day of trading. Since then, the company has expanded globally, opening flagship stores in cities like New York, London, Tokyo, and Seoul, and launching its own theme park in Beijing. Pop Mart's financial success hit new highs. The company's net profit surged by 188 per cent, with overall sales more than doubling to around 13 billion yuan (approximately $1.8 billion). Image courtesy: PopMart By 2024, Pop Mart's financial success hit new highs. The company's net profit surged by 188 per cent, with overall sales more than doubling to around 13 billion yuan (approximately $1.8 billion), according to reports. Big luxury brands like Coach and Louis Vuitton have also teamed up with the company for special collaborations. Much of this success can be traced back to Labubu. Pop Mart's The Monsters series, which features the oddball character, saw its revenue soar by a staggering 726.6 per cent, making it one of the brand's most profitable and popular lines. With this momentum, global investment giants have taken notice. Deutsche Bank and Morgan Stanley have both raised their share price targets for Pop Mart. Deutsche Bank, in particular, raised its target by 52 per cent to HK$303, citing strong international growth. STORY CONTINUES BELOW THIS AD 'It is rare for a comic/toy IP [intellectual property] to break the culture wall and be embraced by both Asian cultures as well as mainstream Western pop stars and sports stars,' Deutsche Bank analyst Jessie Xu said in a note quoted by Forbes. With input from agencies
The Standard
24-06-2025
- Business
- The Standard
Top mainland billionaires see fortunes surge on strength of AI
Zhang Yiming, seen in Palo Alto, California, in March 2020, saw his wealth balloon to over 481 billion yuan following the massive traction of ByteDance's content platforms and its early bet on AI tech, according to Securities Times. Photo by REUTERS
South China Morning Post
23-06-2025
- Business
- South China Morning Post
ByteDance founder Zhang Yiming plays critical role in firm's AI push despite low profile
Zhang Yiming, the billionaire founder of TikTok owner ByteDance, has become more involved in the company's artificial intelligence (AI) initiatives, according to local media reports and sources familiar with the situation. While Zhang has stayed out of the public limelight since handing over the chairman and CEO roles to co-founder and former college dorm roommate Liang Rubo in 2021, the 42-year-old Chinese entrepreneur still plays a critical role behind the scenes of ByteDance's AI research, according to one source, who declined to be identified. The source said that Zhang regularly travels from Singapore, where he is based, to Beijing, where some of ByteDance's core AI researchers are located, to stay on top of the company's research activities. Zhang, who Bloomberg ranks as China's richest man with a net worth of US$57.5 billion, has regularly attended meetings with members of the firm's core AI team since the second half of 2024, according to the source. According to the Shanghai-based China Business News, Zhang's involvement in AI research was similar to the role Sergey Brin played at Google. Brin co-founded Google with Larry Page in 1998, but he stepped down as president of Alphabet, the parent company of Google, in 2019. The logo of ByteDance is seen on a mobile phone, on February 14, 2025. Photo: AFP The Paper, a Chinese news website backed by Shanghai United Media Group, reported on Friday that Zhang had increased his involvement in AI-related research at ByteDance. He has repeatedly emphasised his target of achieving artificial general intelligence (AGI), a type of AI that reaches or surpasses human cognitive capabilities, according to The Paper.
