Ant Group CEO Simon Hu Resigns

Ant Group chief executive officer Simon Hu has resigned. Its Chairman Eric Jing would take over as CEO, effective immediately, according to several reports.

A spokesperson for Ant Group reportedly said, "The Ant Group Board of Directors has accepted Mr. Simon Hu's resignation request, due to personal reasons."

Ant Group, formerly known as Ant Financial and Alipay, is an affiliate company of Billionaire Jack Ma's Alibaba Group.

Simon Hu became Ant Group CEO in December 2019 after a year working as the group's president. Before that, he spent four years as the CEO of Alibaba Cloud Computing.

In December 2020, China's central bank reportedly ordered Ant Group to rectify its operations and comply with regulatory requirements.

In November 2020, Ant's planned $37 billion initial public offering in Shanghai and Hong Kong, which was supposed to be the world's largest IPO, was suspended, citing that the company might not meet listing qualifications or disclosure requirement.

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