CEO of China’s Ant Group steps down

The chief executive of Chinese fintech giant Ant Group has stepped down for “personal reasons”, a spokesperson from the Alibaba-affiliated online payment provider said Friday, amid growing regulatory scrutiny.

Simon Hu has been replaced as CEO by Ant Group executive Eric Jing, according to the company’s updated website, just months after Chinese authorities pulled the plug on the company’s colossal Hong Kong IPO.

“The Ant Group Board of Directors has accepted Mr. Simon Hu’s resignation request, due to personal reasons,” Ant’s spokesperson said in a statement.

Tech tycoon Jack Ma’s Alibaba, China’s largest online shopping portal, has been in the crosshairs of authorities in recent months over concerns of its reach into the daily finances of ordinary Chinese people.