Hu was ant “gecko broken tail”? Mainland Internet financial platforms face depression and purge

Simon Hu, CEO of Ant Group, resigned on Friday (12).

China’s market regulator announced on Friday (12) that it has imposed administrative penalties on companies including Tencent and Baidu under China’s anti-monopoly law. In the evening of the same day, Simon Hu, CEO of Ant Group, resigned. At the end of last year, Ant Group’s de facto controller Jack Ma, Chairman Xian Dong Jing and CEO Hu had been interviewed by regulators. (By Malik/He Jingwen)

On Friday night, we found out from Ant Group’s official website that Simon Hu, CEO of Ant Group, had been removed from its management team, and Eric Jing, Chairman of Ant Group, had been appointed as CEO.

China’s First Financial News reports that on Friday evening, Ant Group Chairman Eric Jing issued an internal email saying that CEO Simon Hu will resign as CEO of Ant Financial Services and will be responsible for future projects related to social welfare of Ant and Ali’s ecology. Ant Financial Services’ board of directors said the adjustment was “based on the board’s personal wishes to agree to the request.”

According to the data, on November 2 last year, the People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange conducted regulatory interviews with Ant Group’s de facto controller Jack Ma, Chairman Inoue and President Hu Xiaoming.

Hu has long been involved in the banking and finance industry, while integrating the traditional finance industry into the Internet platform. Some financial analyses say that Ma may be breaking his wrist this Time in an attempt to fight back, or he may only be able to maintain his existing interests through a gecko break move.

On the other hand, just after the curtain came down on the two sessions in Beijing, the China Market Regulatory Bureau announced on Friday that it had imposed administrative penalties on 10 cases of “illegal implementation of operator concentration” in the Internet sector under China’s anti-monopoly law, including Tencent, Baidu, Drip Mobile and a joint venture of SoftBank Corp. Among them, Tencent (00700), which was punished for the case involving the acquisition of a shareholding in Ape Coaching, was named “Nanshan Pizza Hut” (Nanshan refers to the Shenzhen Nanshan District Court) by netizens for maintaining an undefeated record in many lawsuits in the past. Baidu Holdings, which is also on the list, was fined 500,000 yuan each for its acquisition of a stake in Little Fish Group.

The station reported two years ago that Ma Yun retired from Alibaba Group in 2019 after ten days, another Internet giant Tencent’s Ma Huateng also stepped down as Tencent Credit Corporation, marking Xi Jinping‘s entry into the stage of substantive operations on private enterprises, meaning that the Chinese Communist Party‘s strategy also shifted from a state-owned economy to a market economy, and then back to state-owned as the main body.