By Michelle Toh, CNN Business
Kuaishou, the Chinese short-video-sharing app known as a popular alternative to TikTok, has replaced its CEO – the latest reshuffle in China’s tech leadership.
The Beijing-based company announced Friday evening that co-founder Su Hua is stepping down, while remaining chairman of the board.
Su co-founder Cheng Yixiao was appointed general manager, which took effect on Friday. Kuaishou said Su will devote more time to his long-term strategy, while Cheng takes responsibility for day-to-day operations.
Su’s departure is another example of how some of the country’s best C-suites have been refreshed amid growing regulatory crackdown.
In September, e-commerce giant JD.com said billionaire CEO Richard Liu would focus on a long-term strategy as the company hired a new president to help run its day-to-day affairs.
Earlier this year, Zhang Yiming, founder of ByteDance, owner of TikTok, also announced that he would be stepping down as CEO to take a smaller role in the company.
And Pinduoduo founder Colin Huang said in March he would step down as chairman of an e-commerce company that has come into competition with Alibaba. Huang had already quit his position as CEO last summer.
Zhang and Huang said they were leaving to try new things. None of them made reference to the government crackdown in their announcements, while a spokesperson for ByteDance said Zhang’s decision to step down was unrelated to regulatory measures in China.
Kuaishou is one of the leading social media companies in China. The Tencent-backed company, whose name means “quick hand” in Chinese, has an eponymous short video and live streaming app with around 300 million daily active users.
The company went public in an estimated $ 5.3 billion Hong Kong listing earlier this year, marking what was then the world’s largest IPO since 2019.
Kuaishou stock fell nearly 4% in Hong Kong on Monday, the first trading day after the announcement.
– Laura He and Jill Disis contributed to this report.
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