Ant Group, China’s largest mobile payment systems operator, is promoting chief financial officer Cyril Han Xinyi to CEO from next year to refresh top management and drive the next phase of growth after more than two decades in business.
Han, the group’s current president and chief financial officer, will take over from Eric Jing Xiandong from March 1 and will be responsible for all business segments and day-to-day management, according to a December 8 email to employees obtained by the Post seen. Jing remains group chairman.
“In the ten years 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 the email to employees. “Cyril has earned the deep trust and recognition of the entire team with his humility, candor, selflessness and honesty. I have 100 percent confidence that Cyril will lead the team to new, exciting heights beyond our expectations.”
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Former investment banker Cyril Han Xinyi joined Alibaba Group Holding. Photo: Handout alt=Former investment banker Cyril Han Xinyi joined Alibaba Group Holding. Photo: Handout>
Alibaba Group Holding reaped 2.48 billion yuan (US$353 million) in profits from Ant Group in the six months to September 30, based on its 33 percent equity stake in the unit, compared with 846 million yuan in 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. WeChat Pay, Tencent Holdings’ biggest rival, had a 37 percent share. China is expected to process $12.8 trillion in digital payment transactions in 2029, up from $8.6 trillion in 2024, according to Statista.
Jing will relinquish the CEO position he has held since taking over from Lucy Peng in October 2016. He became chairman in April 2018. Sunday’s announcement came on the 20th anniversary of Alipay and Ant Group.
Han worked as an investment banker at China International Capital Corp for 10 years before joining Alibaba Group Holding’s finance department in 2011. He moved to Ant Group in 2014 and became CFO in April 2020. According to data published on the website, he has been executive director since January 2023. In March he became party chairman.
