Ant Group CEO Simon Hu has resigned from the Fintech according to multiple reports. Ant Group has seen its trajectory diminish in recent months following the decision of securities regulators to halt a pending initial public offering. Some reports linked the halted IPO to comments made by Alibaba founder Jack Ma that appeared to disparage Chinese regulatory authorities. Ant Group is an offshoot of Alibaba.
According to a report by Reuters, the Board of Directors accepted Hu’s resignation. The exit is said to be part of the process of revamping the firm following “intense regulatory pressure” as Ant is subjected to bank-like rules.
It was reported last fall that after a meeting with Chinese regulators a listing on the Shanghai exchange was postponed. Prior to that, Ant Group was poised to be one of the largest Fintech IPOs of all time with an estimated valuation of around $34 billion. Ant Group was also expected to trade in Hong Kong. That listing was paused as well.
Ant Group was considered one of the most successful Fintech’s in the world combining payments, blockchain, investing, and other bank-like services into a digital offering. Alipay is a service utilized by hundreds of millions of individuals.
In recent months, Jack Ma has taken a lower profile in his activity. Only seen recently, Ma is said to be working directly with Chinese officials regarding the future of Ant Group.