Ant Group Appoints New CEO as Jack Ma Highlights AI in Rare Public Appearance

 

Jack Ma, founder of Alibaba Group, speaks during 2020 China Green Companies Summit 

Ant Group has announced a leadership transition as it names Cyril Han, the company’s current president and finance chief, as its new CEO starting March 1, 2025. Han will replace Eric Jing, who will continue in his role as chairman, according to an internal announcement obtained by CNBC.

The leadership change comes as Ant Group—best known for its widely used payments app Alipay—aims to revitalize its growth after facing Beijing’s regulatory clampdown on the tech sector. This announcement coincided with Ant Group's 20th-anniversary celebrations.

Jack Ma, the founder of both Alibaba and Ant Group, made a rare public appearance during the anniversary, emphasizing the transformative potential of artificial intelligence (AI). Ma reflected on the internet boom experienced by his generation but predicted that the AI era over the next two decades would “exceed everyone’s imagination,” according to Chinese media reports.

Ma’s public appearance is noteworthy given the Chinese government’s regulatory crackdown on major tech companies. This scrutiny led to the abrupt cancellation of Ant Group’s record-breaking initial public offering (IPO) in 2020. Since then, the company has worked to revamp its business model to comply with regulatory requirements.

Both Ant Group and Alibaba have faced increased oversight from Beijing, reflecting the broader government effort to rein in the country’s largest tech firms. While these crackdowns stunted the growth of many Chinese tech giants, recent signals suggest a softening of restrictions as China grapples with economic challenges.