Advertisement
Kuaishou’s Su Hua to step down as CEO, following moves by ByteDance and Pinduoduo founders amid China’s tech crackdown
- The 39-year-old Kuaishou Technology co-founder said he wants to focus on developing long-term strategy for the owner of China’s second-largest short video app
- Cheng Yixiao, who created the app in 2011, will take over as CEO, and Su will remain as chairman with voting rights unchanged
Reading Time:2 minutes
Why you can trust SCMP
0
Kuaishou Technology co-founder Su Hua is stepping down as CEO, becoming the third member of a new generation of Chinese technology billionaires to relinquish control in day-to-day operations of their companies amid the government’s protracted industry crackdown.
The 39-year-old entrepreneur said he is stepping aside to focus on developing the company’s long-term strategy. Taking over as CEO is long-time collaborator Cheng Yixiao, who created Kuaishou a decade ago as a tool to create and share animated pictures.
Together, the two transformed the company into China’s second-largest short video platform in China, after ByteDance’s Douyin, the Chinese version of TikTok. Beijing-based Kuaishou went public in Hong Kong earlier this year.
Cheng, 37, will report to Su, who continues to serve as the chairman of the company, according to a company statement on Friday. The weighted voting rights for both Su and Cheng remain unchanged.
After the reshuffle, Su will concentrate on strategy planning and new initiatives, according to the statement, and Cheng will be responsible for company operations.
Su’s decision to step down follows similar announcements this year from Colin Huang, founder of e-commerce company Pinduoduo, and ByteDance founder Zhang Yiming.
Advertisement