Business & Investment

Ant Group: Hu, CEO of Ant Group in China, embarks on regulatory-led reforms

Chinese Ant group chief executive officer Simon Fu The company said it had resigned from its role on Friday as regulators forced it to renew its business after the FinTech giant failed its initial public offering (IPO) of $ 37 billion.

Hu appointed as Chief Executive Officer of Alibaba Group Holding In 2019, it will replace Eric Jing, a veteran and executive chairman of the company. Finance Said the tech giant.

In an internal memo that Reuters saw, Jin said he would continue his current role as chairman.

“The Ant Group’s board of directors has accepted Simon Fu’s request for resignation for personal reasons,” Ant said in a statement.

Hu left the company because Ant is working on a plan to move to a financial holding company structure under strict regulatory pressure to impose similar rules and capital requirements as banks.

That pressure has seen last year smash Ant’s IPO, which would have been the largest in the world, and formulate plans to move to a financial holding company structure.

The change in management also occurred days after Chinese regulators suddenly stopped the company’s market debut and then expressed dissatisfaction on social media with the inability to sell shares in the company owned by some Ant staff. I will.

Jin told Ant employees that the company would review its staff incentive program and take some steps from April to help resolve financial problems, according to two people who saw the message.



Ant Group: Hu, CEO of Ant Group in China, embarks on regulatory-led reforms

https://economictimes.indiatimes.com/markets/stocks/news/chinas-ant-group-ceo-hu-departs-amid-regulatory-driven-revamp/articleshow/81469714.cms Ant Group: Hu, CEO of Ant Group in China, embarks on regulatory-led reforms

Back to top button