FINANCE

Finance Movers and Shakers: Ant Group’s New CEO, Everbright Ex-Chair Gets 12 Years

Published: Jan. 2 7:17 p.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

Welcome to Finance Movers and Shakers, a newsletter covering significant personnel changes and corruption scandals shaping China’s finance sector.

# Who’s Moving

Ant Group’s new CEO

Han Xinyi, president of Ant Group Co. Ltd., is set to become its CEO in March, succeeding Jing Xiandong, the company announced last month in an internal letter. Jing will remain Ant Group’s chairman.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

Han Xinyi has been appointed as CEO of Ant Group, succeeding Jing Xiandong, with Liu Zheng stepping in as CFO following an organizational restructuring due to a suspended $34.5 billion IPO in 2020.
Ding Xiangqun and Cai Xiliang have been appointed as new leaders of PICC and China Life, respectively, as part of wider changes in China's financial leadership.
Tang Shuangning, former chairman of China Everbright, and Liu Lixian, ex-chief of ICBC’s anti-graft task force, received prison sentences for corruption and bribery offenses.

AI generated, for reference only

Who’s Who

Ant Group Co. Ltd.: Ant Group Co. Ltd. appointed Han Xinyi as its new CEO, succeeding Jing Xiandong in March, while Jing remains chairman. Han, also CFO of the Alibaba-affiliated fintech, is succeeded by Liu Zheng as CFO. These changes follow a government-ordered organizational restructuring after Ant's $34.5 billion IPO was suspended in 2020, which separated its consumer lending from Alipay and improved corporate governance.

Alibaba Group Holding Ltd.: Alibaba Group Holding Ltd. is affiliated with Ant Group, a fintech giant undergoing significant leadership changes. Han Xinyi, previously CFO, will become CEO, and Liu Zheng will take over as CFO. These changes follow a government-mandated restructuring after the suspension of Ant Group's IPO in 2020.

China International Capital Corp. Ltd.: China International Capital Corp. Ltd. is one of China's leading investment banks. Han Xinyi, who is set to become CEO of Ant Group, has previous experience working at this bank, indicating its significance in the finance industry for cultivating influential executives.

Agricultural Bank of China Ltd.: According to the article, Ding Xiangqun, the new chair of The People’s Insurance Co. (Group) of China Ltd., had a career that included working at the Agricultural Bank of China Ltd. This bank is one of the "Big Four" state-owned commercial lenders in China.

Bank of China Ltd.: Bank of China Ltd. is one of the "Big Four" state-owned commercial lenders in China. Ding Xiangqun, the new chair of The People's Insurance Co. of China Ltd., has spent part of her career at this bank.

China Taiping Insurance Group Ltd.: China Taiping Insurance Group Ltd. is a state-owned insurer. Ding Xiangqun, who recently became the chair of The People’s Insurance Co. (Group) of China Ltd. (PICC), previously served as a deputy general manager at China Taiping Insurance Group Ltd.

China Life Insurance Co. Ltd.: Cai Xiliang has been appointed the new chairman of China Life Insurance Co. Ltd., a subsidiary of China Life Insurance (Group) Co., as per a filing to the Shanghai Stock Exchange. Cai previously served as the group's president and was named head of its Communist Party committee in August, succeeding Bai Tao. He has also held senior positions at Citic Group Corp. and China Export and Credit Insurance Corp.

Lehman Brothers: Lehman Brothers was an investment bank where Zhu Haoxiang worked as an interest rate analyst. He left a year before its collapse in 2008 amid the financial crisis. This event marked one of the largest bankruptcies in U.S. history, significantly contributing to the global financial crisis.

China Everbright Group Ltd.: China Everbright Group Ltd.'s former chairman, Tang Shuangning, has been sentenced to 12 years for corruption, involving embezzlement and accepting bribes between 2000 and 2017. He was previously under investigation in 2023 and made headlines in a U.S. bribery probe in 2013 when the SEC investigated JPMorgan Chase & Co. for securing deals after hiring Tang's son.

JPMorgan Chase & Co.: JPMorgan Chase & Co. made global headlines due to a U.S. bribery probe linked to securing deals with China Everbright Group after hiring Tang Shuangning's son. This was tied to Tang's tenure as chairman of China Everbright.

Industrial and Commercial Bank of China Ltd.: Industrial and Commercial Bank of China Ltd. (ICBC) is the world's largest commercial bank by assets. A former head of its anti-graft task force, Liu Lixian, was sentenced to eight years in prison for accepting nearly 18 million yuan in bribes. Liu's corrupt activities took place between 1998 and 2022 while holding public positions, including his role at ICBC.

AI generated, for reference only

What Happened When

By 2017：: Tang Shuangning retired from his position as chairman and party committee chief of China Everbright Group Ltd.

In 2020：: Ant Group's $34.5 billion IPO was abruptly suspended.

In 2021：: Zhu Haoxiang joined the SEC as director of the Division of Trading and Markets.

In 2023：: Tang Shuangning was placed under investigation.

In August 2024：: Cai Xiliang was named head of China Life Insurance's Communist Party committee.

In September 2024：: Wang Tingke resigned from PICC.

December 2024：: Ant Group announced that Han Xinyi is set to become its CEO in March 2025.

December 2024：: The People's Insurance Co. (Group) of China Ltd. (PICC) announced Ding Xiangqun as the new chair.

December 2024：: China Life Insurance Co. Ltd. announced Cai Xiliang as the new chairman.

December 2024：: Zhu Haoxiang departed the SEC.

December 2024：: Tang Shuangning, former chairman of China Everbright Group Ltd., was sentenced to 12 years in prison for corruption.

December 2024：: Liu Lixian, former chief graft-buster of Industrial and Commercial Bank of China Ltd. (ICBC), was sentenced to eight years in prison.

AI generated, for reference only