Caixin

Alibaba Veteran Liu Zheng Joins Ant as Chief Financial Officer

Published: Dec. 23  11:31 p.m.  GMT+8
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Liu Zheng
Liu Zheng

Liu Zheng, a veteran of Alibaba Group Holding Ltd., has been appointed Chief Financial Officer of Ant Group Co. Ltd. as the fintech giant continues to fill key management posts following a major reorganization, Caixin has learned.

Liu, formerly the financial chief of Alibaba’s logistics arm Cainiao Network Technology Co. Ltd., is taking over the financial responsibilities of Cyril Han Xinyi, Ant’s president, sources with knowledge of the matter told Caixin.

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Explore the story in 30 seconds
  • Liu Zheng, former CFO of Cainiao, is appointed CFO of Ant Group, succeeding Cyril Han Xinyi, while Han becomes CEO from March 1, with Eric Jing remaining as chairman.
  • Ant Group, which faced a major restructuring after a 7.1 billion yuan fine, has undergone changes post the suspension of its $34.5 billion IPO in 2020.
  • Rumors of Ant's potential listing have intensified, but the company denies any listing plans amid a management reshuffle involving Liu's appointment.
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Who’s Who
Alibaba Group Holding Ltd.
Alibaba Group Holding Ltd. owns 33% of Ant Group Co. Ltd. and has undertaken significant restructuring, including splitting into multiple units under a parent company, similar to Alphabet Inc.'s model. Alibaba's chairman, Joe Tsai, was impressed by Liu Zheng during Cainiao's IPO preparation. In mid-2023, Alibaba called off Cainiao's IPO, following a revamp influenced by the departure of its former CEO, Daniel Zhang.
Ant Group Co. Ltd.
Ant Group Co. Ltd., a fintech giant operating Alipay, underwent a major reorganization and governance overhaul following regulatory scrutiny, resulting in a 7.1 billion yuan fine. Liu Zheng has been appointed CFO amid management changes, fueling speculation about Ant's potential IPO. However, Ant denied these rumors. The company, 33% owned by Alibaba, had its initial IPO suspended in 2020 due to regulatory issues.
Cainiao Network Technology Co. Ltd.
Cainiao Network Technology Co. Ltd. is Alibaba's logistics arm. Liu Zheng, previously its CFO, oversaw its financial operations, management, financing, investment activities, and compliance matters. Cainiao planned a Hong Kong IPO exceeding $1 billion, which was canceled in March 2023 by Alibaba, following a major restructuring.
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What Happened When
Before November 2020:
Ant Group planned a $34.5 billion IPO.
November 2020:
Ant Group's IPO was suspended due to regulatory scrutiny.
Mid-2023:
Alibaba announced its split into multiple units with a parent holding company.
September 2023:
Cainiao, Alibaba's logistics arm, started IPO preparations in Hong Kong.
Last week (Before October 2023):
Ant Group denied rumors about a potential listing.
March 1, 2024:
Han Xinyi will take on the role of CEO of Ant Group.
March 2024:
Alibaba called off Cainiao's IPO.
July 2024:
Ant Group was fined 7.1 billion yuan as part of ending a government-led restructuring.
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