Full width home advertisement

Welcome Home

Post Page Advertisement [Top]

Kuaishou, a TikTok competitor, is the latest Chinese technology company to restructure its leadership

Kuaishou, the Chinese short video-sharing app that is a popular alternative to TikTok, has replaced its CEO, marking the latest in a series of leadership changes in the Chinese technology industry. Kuaishou is the latest in a series of leadership changes in Chinese technology.

Su Hua, a co-founder of the Beijing-based company, announced late Friday that he would step down from his position as chairman of the board while remaining chairman of the company.

Cheng Yixiao, a co-founder of Su, was appointed as the company's chief executive officer on Friday. Cheng assumed responsibility for the company's day-to-day operations, while Su would devote more time in the future to the organization's long-term strategy, according to Kuaishou.

A new example of how some of the country's most senior executives have been replaced in the face of increasing regulatory scrutiny is Su's departure.

After hiring a new president to assist with daily operations, JD.com (JD) announced in September that billionaire CEO Richard Liu would shift some of his attention to long-term strategy in addition to continuing to focus on daily operations.

Also announced earlier this year was Zhang Yiming, the founder of ByteDance, the company that owns the popular video-sharing app TikTok, who would step down as CEO to take a less visible role in the company.

Also in March of this year, Colin Huang, the founder of Pinduoduo (PDD), announced that he would resign from his position as chairman of the upstart e-commerce company that competes with Alibaba (BABA). Huang resigned from his position as CEO last summer.

Zhang and Huang stated that they were leaving in order to pursue other opportunities.. Neither of them made any mention of the government crackdown in their announcements, and a ByteDance spokesperson stated that Zhang's decision to resign had nothing to do with changes in Chinese regulatory requirements.

Kuaishou is a Chinese social media company that ranks among the largest in the country. In addition to its eponymous short-video and live-streaming app, which has approximately 300 million daily active users, the Tencent-backed startup also owns a brand that translates as "fast hand."

Following a roughly $5.3 billion Hong Kong listing earlier this year, the company became the world's largest initial public offering (IPO) in the period between 2019 and 2020.

On Monday, the first trading day following the announcement, Kuaishou's shares in Hong Kong fell by nearly 4%, the most since the beginning of the year.

No comments:

Post a Comment

Bottom Ad [Post Page]