The surprise resignation of ByteDance founder Zhang Yiming as chief executive has left many unanswered questions at the tech unicorn, not the least being "why now" and "what's next" for the company behind hit short video-sharing apps Tik Tok and Douyin. Perhaps the most intriguing question is whether Zhang, who created ByteDance in a Beijing residential flat nine years ago, will remain the de facto boss after he officially cedes day-to-day.
Meituan, ByteDance, JD.com, and nine other Chinese tech giants have all promised Beijing they will behave.
The alphabet of China s tech crackdown, we now know, goes past Alibaba. It now goes on to Baidu, ByteDance, and on down to Weibo.
China s government had just finished fining Jack Ma s e-commerce giant a record $2.8 billion for abusing its market dominance, after a four-month probe.
Toe the line: China s tech tycoons are paying the price for challenging Chinese president Xi Jinping.
But then on Tuesday market watchdog, the State Administration for Market Regulation (SAMR), issued a stern edict too to 34 other Internet companies.
Ant Group CEO Simon Hu resigns due to personal reasons
Hu s exit comes at a time when Ant Group is working on plans to shift to a financial holding company structure following regulatory pressure to subject it to rules and capital requirements similar to those for banks. The Ant Group Board of Directors has accepted Mr. Simon Hu s resignation request, due to personal reasons, the company said.
Simon Hu, the Chief Executive Officer (CEO) of China s Ant Group, has resigned from his position. Executive Chairman Eric Jing will replace him. The Ant Group Board of Directors has accepted Mr. Simon Hu s resignation request, due to personal reasons, Reuters quoted the company as saying in a statement.