Jack Ma's Ant Financial replaces CEO ahead of IPO, memo shows

[HONG KONG] Alibaba Group Holding Ltd's financial affiliate is replacing its chief executive officer as it prepares for a highly anticipated 2017 initial public offering.

Zhejiang Ant Small & Micro Financial Services Group Co is naming finance veteran and President Eric Jing to replace Lucy Peng who will take on the role of executive chair, according to an internal memo sent to employees and seen by Bloomberg on Saturday.

The management shuffle comes as Ant Financial is said to plan an IPO in Hong Kong next year, which could be one of the city's biggest debuts since 2010.

Since its inception as the operator of Alipay, the online payments system with 450 million active users, Ant Financial has expanded into wealth management, credit scoring and peer-to-peer lending.

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