Ant Group boss Simon Hu steps down in restructuring
he chief executive of China’s Ant Group has stepped down “for personal reasons” as the online payment giant undergoes a restructuring.
Simon Hu will be replaced by executive chairman Eric Jing, the company said.
Ant is controlled by billionaire Jack Ma who first made his name through the trading platform Alibaba.
The firm has come under intense regulatory pressure and was forced to drop its planned $37bn public share sale last year.
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Is the Ant Group shake-up a sign of things to come?
Ant Group is China’s biggest payments provider, with more than 730 million monthly users on its digital payments service Alipay.
But it also acts as a marketplace for loans. It takes a fee to match borrowers with banks, who then take on the risk.
It also offers savings accounts and insurance, all through its mobile phone app.
However Jack Ma has attracted controversy in China, criticising the state-dominated banking sector, and the company is in the cross-hairs of regulators, eager to bring it into line with more traditional banks and lenders, and to contain its market dominance.