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Exclusive: Two Senior Executives Leave Ant Group Ahead of IPO

By Hu Yue, Wu Hongyuran and Tang Ziyi / Aug 25, 2020 02:37 PM / Finance

Photo: VCG

Photo: VCG

Two senior executives have left Ant Group Co. Ltd. this month, sources with knowledge of the matter told Caixin, as the fintech arm of Chinese internet giant Alibaba Group Holding Ltd. moves closer to a long-anticipated IPO.

Yu Shengfa, a former vice president and chief risk officer at Ant Group, left the company in early August, the sources said. Yu previously served as the first head of MYBank, Ant Group’s online lender.

Hu Xi, Ant Group’s former chief technology officer, has stepped down from the position to rejoin Alibaba. Alibaba owns a 33% stake in Ant Group.

Hu, 39, joined Alibaba in 2007. He is a member of the Alibaba Partnership, a committee of 36 people at Alibaba who have de facto control of the e-commerce giant’s board of directors.

In addition, Ant Group has recently added five directors to its board and removed three others, the company’s registration information showed Friday.

Read the full story on Caixin Global here.

Contact reporter Tang Ziyi (ziyitang@caixin.com)

Related: Cover Story: How Ant Grew Into an Elephant-Sized Behemoth


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