Simon Hu

China's Ant Group Chief Executive Officer Simon Hu has stepped down from his role, the company said on Friday, as the fintech giant is being pushed by regulators to revamp operations after its failed $37 billion initial public offering (IPO).

Ant Group is facing growing Chinese pressure over potential risks in its online lending business, with co-founder Jack Ma and other executives summoned to an unusual meeting with regulators just ahead of its record-breaking IPO this week.

China's Ant Group Chief Executive Officer Simon Hu has stepped down from his role, the company said on Friday, as the fintech giant is being pushed by regulators to revamp operations after its failed $37 billion initial public offering (IPO).

Ant Group is facing growing Chinese pressure over potential risks in its online lending business, with co-founder Jack Ma and other executives summoned to an unusual meeting with regulators just ahead of its record-breaking IPO this week.