Ant Group names Cyril Han as CEO as it looks to recover from Beijing’s tech crackdown

Ant Group has named its president and finance chief Cyril Han as its next CEO. The leadership change reflects the company’s efforts to rebuild momentum and reignite growth after years of regulatory challenges in China. Han will officially take over from Eric Jing next year.

In an announcement on Monday, Ant Group, part of Alibaba Group, revealed that Han will assume the position on March 1, 2025. The decision aligns with the company’s efforts to redefine its strategy after prolonged scrutiny from Beijing.

Eric Jing, the outgoing CEO, will remain as chairman. Han will report directly to Jing, ensuring continuity in the company’s leadership, CNBC reported, citing an internal email.

Ant Group, best known for its massive payments app Alipay, shared the leadership update during its 20th-anniversary celebrations. The event included a rare public appearance from Jack Ma, the founder of both Alibaba and Ant Group. Ma, who has kept a low profile since Beijing’s regulatory clampdown, remarked on how his generation benefited from the rise of the internet. Looking ahead, he predicted the artificial intelligence era would surpass expectations over the next two decades, according to a transcript published by Chinese media.

The change in leadership comes at a pivotal time for Ant Group, which has spent the past few years restructuring its business to align with regulatory demands. The company’s plans for a record-breaking public offering were abruptly halted in late 2020 when authorities pulled the plug. This move marked the beginning of a broader crackdown on China’s tech sector, with companies like Alibaba also facing significant scrutiny.

The regulatory pressure slowed growth for many of China’s largest tech firms. However, in recent months, officials have softened their approach, likely in response to the country’s economic challenges. For Ant Group, this shift could offer an opportunity to regain momentum as it navigates this new phase of its business.

With Cyril Han at the helm, Ant Group’s leadership team will likely play a critical role in shaping its next chapter. The appointment reflects a desire for continuity while setting the stage for future growth.

Earlier this year, we reported on the fintech giant’s $200 million acquisition of Dutch payments startup MultiSafepay, a move that highlights its continued expansion in the global payments industry.

Ant Group, originally founded as Alipay in 2004, is a subsidiary of Alibaba Group, the e-commerce giant established by Jack Ma. Over the years, Ant Group has grown from a simple payment platform into a powerhouse in the global fintech industry, earning widespread recognition and influence.