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Ant Group CEO Simon Hu resigns, Eric Jing to replace him
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Ant Group CEO Simon Hu resigns, Eric Jing to replace himBy Yingzhi Yang & Cheng Leng, Reuters
Last Updated: Mar 12, 2021, 07:28 PM IST
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Synopsis
Simon Hu’s resignation as Ant Group CEO comes at a time when the fintech giant is being pushed by regulators to revamp operations after its failed $37 billion IPO.
Reuters
Simon Hu, chief executive officer of Ant Group.
China s Ant Group Chief Executive Officer Simon Hu has stepped down from his role, the company said on Friday, as the fintech giant is being pushed by regulators to revamp operations after its failed $37 billion initial public offering (IPO).
A man walks past a sign for Tencent, the parent company of Chinese social media giant WeChat, outside the Tencent headquarters in Beijing. Tencent has already seen collateral damage from the new regulations, though investors have shrugged this off, pumping up the stock even as Alibaba was punished. AFP
Pony Ma’s Tencent Holdings Ltd has been put on notice.
Asia’s largest conglomerate was censured by China’s antitrust watchdog on Friday as Beijing expands a crackdown that began with Jack Ma’s online empire.
The token fine is just the beginning. China’s top financial regulators see Tencent as the next target for increased supervision after the clamp down on Jack Ma’s Ant Group Co, according to people with knowledge of their thinking. Like Ant, Tencent will probably be required to establish a financial holding company to include its banking, insurance, and payments services, said one of the people, seeking anonymity as the discussions are private.