Ant Group has implemented another top management change at its major corporate entity, two months after the Chinese fintech giant made a separate move to exit the Alibaba Group Holding partnership, according to a person familiar with the matter. Eric Jing Xiandong, Ant Group chairman, will relinquish his role as legal representative and chairman of Alipay.com Co, a major corporate entity of Ant Group, the person said. Taking his place will be Ni Xingjun, Ant’s chief technology officer (CTO) and a founding team member at Alipay, the person added. “This is a standard corporate governance practice and is a move that aligns with our business operations,” said an Alipay spokeswoman on Tuesday. In 2020, Jing took over the legal representative position at Alipay.com Co from Lucy Peng Lei, a billionaire businesswoman who was a founding member of Alibaba, according to Tianyancha, a commercial database of public company records. Alibaba put on watch list of Chinese firms that face delisting in the US Alipay.com Co, the corporate entity that holds Alipay’s payment licence, was founded in 2004 and has since provided payment technology services to thousands of merchants and institutions. Ant controls another major entity called Alipay (Hangzhou) Information Technology Co Ltd, focusing on Ant’s business related to internet services. The move comes a week after Alibaba, which owns the South China Morning Post , said all top executives of Ant had resigned from its partnership structure, seen as a sign of further partitioning between the e-commerce giant and its fintech affiliate, as the latter awaits Beijing’s nod to transform into a financial holding group. Seven Ant executives, including Jing, Ni and Angel Ying Zhao, president of its international business group, were no longer Alibaba partners as of May 31 this year, according to Alibaba’s latest annual report published last week. Alibaba also said the two companies agreed to terminate their data sharing agreement on July 25. “We and Ant Group will, to the extent necessary for each party to provide services to our respective customers, instead negotiate the terms of data sharing arrangements on a case-by-case basis and as permitted by applicable laws and regulations,” the Hangzhou-based company said in the annual report. Ant, whose initial public offering was called off at the last minute in late 2020 under pressure from Beijing, has been restructuring itself into a financial holding group, a step seen as necessary for the fintech giant to restart its IPO process.