Ant Group, China's largest cell fee system operator, is selling its CFO Cyril Han Xinyi to CEO beginning subsequent 12 months to refresh its senior administration and drive the subsequent section of development after greater than 20 years of exercise.
Han, the group's present president and chief monetary officer, will succeed Eric Jing Xiandong beginning March 1 with duty for all enterprise segments and every day administration, in accordance with a Dec. 8 e mail to workers seen by the Publish. Jing will stay chairman of the group.
“Within the decade since he joined Alipay in 2014, Cyril has made important contributions to the group's growth via his strategic acumen, dedication and professionalism,” Jing mentioned within the e mail addressed to workers. “Cyril has earned the belief and recognition of all the group via his modesty, candor, selflessness and equity. I’m 100% assured that Cyril will lead the group to thrilling new heights past our expectations.”
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Former funding banker Cyril Han Xinyi has joined Alibaba Group Holding. Picture: Doc alt=Former funding banker Cyril Han Xinyi has joined Alibaba Group Holding. Picture: Handout>
Alibaba Holding Group spinoff 2.48 billion yuan ($353 million) of Ant Group's revenue within the six months ended September 30, based mostly on its 33% stake within the unit, up from 846 million yuan from the identical interval in 2023. Alibaba is the proprietor of the South China Morning Publish.
Based mostly in Hangzhou, within the jap province of Zhejiang, Ant Group owns Alipay which managed 55% of China's cell funds market on the finish of 2023, in accordance with Statista. WeChat Pay, its greatest rival owned by Tencent Holdings, had a 37 % share. China is predicted to course of $12.8 trillion in digital fee transactions in 2029, up from $8.6 trillion in 2024, Statista mentioned.
Jing will step down from the CEO function he has held since succeeding Lucy Peng in October 2016. He turned chairman in April 2018. Sunday's announcement got here on Alipay's twentieth anniversary and Ant Group.
Han labored as an funding banker at China Worldwide Capital Corp for a decade earlier than becoming a member of Alibaba Group Holding in 2011 within the finance division. He joined Ant Group in 2014 and have become its chief monetary officer in April 2020. He has been govt director since January 2023, in accordance with knowledge printed on its web site. He turned the group president in March.
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