Caixin
Jun 05, 2021 02:46 AM
FINANCE

Former Ant Group CEO Resigns as Chairman of Top Fund Manager

What’s new: Financial veteran Simon Hu resigned as chairman of a leading Chinese fund manager controlled by fintech giant Ant Group Co. Ltd. less than three months after he quit as CEO of Ant Group, which is undergoing a sweeping state-ordered reorganization.

Hu, 51, also known as Hu Xiaoming, left his post as chairman of Tianhong Asset Management Co. Ltd. Monday, according to a company statement (link in Chinese).

Ant Group’s chief financial officer, Han Xinyi, will take on the role as Tianhong chairman after he obtains relevant qualifications, the statement said.

The background: Hu joined billionaire Jack Ma’s e-commerce behemoth, Alibaba Group Holding Ltd., in 2015. Four years later, he became CEO of Alibaba-affiliated Ant Group.

In March, Hu stepped down as CEO, four months after Ant Group’s IPO plan was abruptly suspended. In recent months, the fintech titan has been undergoing an overhaul ordered by the country’s top financial regulators to comply with regulations.

Tianhong, 51% controlled by Ant Group, manages China’s biggest money market fund, Tianhong Yu’e Bao. The fund contributes the lion’s share of Ant Group’s same-name Yu’e Bao platform. At the end of last year, Tianhong operated (link in Chinese) mutual funds with assets under management of 1.45 trillion yuan ($227 billion).

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Related: In Depth: The Rectification and Remaking of Ant Group

Contact editor Lin Jinbing (jinbinglin@caixin.com)

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