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China forces Jack Ma s Ant Group to restructure

Ant Group boss Simon Hu steps down in restructuring

BBC News Published image captionAnt Group is controlled by Alibaba founder Jack Ma The chief executive of China s Ant Group has stepped down for personal reasons as the online payment giant undergoes a restructuring. Simon Hu will be replaced by executive chairman Eric Jing, the company said. Ant is controlled by billionaire Jack Ma who first made his name through the trading platform Alibaba. The firm has come under intense regulatory pressure and was forced to drop its planned $37bn public share sale last year. Ant Group is China s biggest payments provider, with more than 730 million monthly users on its digital payments service Alipay.

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