The chief executive of the Chinese fintech company Ant Group, Simon Hu, has resigned, Reuters reported, quoted by BTA.
Hu, who was named CEO of Alibaba Group Holding in 2019, will be replaced by the company’s veteran, Acting Chairman Eric Jing. He will continue to perform his current duties.
Ant Group is under pressure from Chinese regulators to restructure after its initial $ 37 billion public offering, which would be the largest in the world, was halted last year.
The company is working on its transformation into a financial holding company.
The Wall Street Journal reported earlier that Chinese antitrust authorities plan to fine Alibaba, which holds about 33 percent of Ant Group’s shares, $ 975 million for unfair competition.
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