Former Xiaomi International Chairman Joins TikTok Parent Company ByteDance as CFO

'Chinese TikTok' Douyin Likely to Engage in IPO Process

Show Qi Chu, former International Chairman and Chief Vice President of Xiaomi Group, Twitter screen capture

[Asia Economy Reporter Cha Min-young] Xiaomi's International Chairman and Senior Vice President, Shou Zi Chu, has been recruited as the Chief Financial Officer (CFO) of ByteDance, the parent company of the popular video-sharing app TikTok.

Shou Zi Chu, the International Chairman, announced the news himself on his personal Twitter around 7 p.m. on the 24th (Korean time), stating, "Today Xiaomi announced that I am leaving the company." Xiaomi had submitted his resignation proposal the previous morning.

On Twitter, along with a letter to employees, he briefly added, "I express my gratitude to the Xiaomi family, especially to Xiaomi CEO Lei Jun, who has been a guide for many years."

In the letter to employees, he said, "I want to thank all Xiaomi family members, including the board of directors, partners, and employees, for the opportunity to build a great company together," and "I sincerely thank Lei Jun, my superior and mentor, for giving me the opportunity years ago."

He continued, "My dear friend and colleague William Lu will take over my duties, including international business," and added, "I look forward to watching Xiaomi's continued success. I will cherish all the memories of this journey for a lifetime."

According to foreign media reports, after moving to ByteDance, Chairman Chu is expected to focus on preparations related to the company's initial public offering (IPO). ByteDance is considering listing Douyin, the Chinese version of TikTok, on the Hong Kong Stock Exchange. TikTok is one of the unicorn companies valued at over 1 trillion won and is notably rare among Chinese companies for having surpassed the United States to rank first.