Ant Group, China’s largest operator of mobile payment systems, is promoting its finance chief Cyril Han Xinyi to the post of CEO starting next year in a bid to refresh its top management and take over 20 years in the business. After that, the next stage of development can be promoted.
According to a Dec. 8 email to employees seen by the Post, Han, the group’s current president and chief financial officer, will take over from Eric Jing Xiangdong on March 1 with responsibility for all business segments and day-to-day management. Jing will continue as Group Chairman.
“In the decade since he joined Alipay in 2014, Cyril has made significant contributions to the group’s development with strategic insight, dedication and professionalism,” Jing said in an email to employees. “Cyril has earned deep trust and recognition from the entire team with his humility, modesty, selflessness and integrity. I am 100 percent confident that Cyril will lead the team to new exciting heights beyond our expectations.”
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Former investment banker Cyril Han Xinyi joins Alibaba Group Holding. Photo: Handout alt=Former investment banker Cyril Han Xinyi joins Alibaba Group Holding. Photo: Handout >
Alibaba Group Holding was taken 2.48 billion yuan (US$353 million). Profits from Ant Group in the six months to September 30, based on its 33 percent equity stake in the unit, up 846 million yuan from the same period in 2023. Alibaba owns the South China Morning Post.
Based in Hangzhou in eastern Zhejiang province, Ant Group owns Alipay which controlled 55 percent of China’s mobile payments market at the end of 2023, according to Statista. Its biggest rival, WeChat Pay, owned by Tencent Holdings, had a 37 percent stake. China is projected to process US$12.8 trillion in digital-payment transactions in 2029, versus US$8.6 trillion in 2024, Statista said.
Jing will step down as CEO after taking over from Lucy Peng in October 2016. He became the chairman in April 2018. Sunday’s announcement comes on the 20th anniversary of Alipay and Ant Group.
Han worked as an investment banker at China International Capital Corporation for a decade before joining Alibaba Group Holding in 2011 in the finance department. He moved to Keedi Group in 2014 and became its CFO in April 2020. According to data published on its website, he has been the executive director since January 2023. He was grouped President in March.
