(Yicai Global) Aug. 31 -- Alibaba's fintech affiliate Ant Financial Services Group has played down a change made to the legal entity of a subsidiary related to Alipay, stating that it won't mean any changes to operations for the third-party payment platform.
Ant Financial Chairman Ye Yuqing has taken over from Alibaba Chairman Jack Ma as the legal entity for Alipay Information Technology, though the company was quick to state on Weibo that a different company is responsible for Alipay's main operations so not much will change.
Another Ant Financial subsidiary called Alipay Internet Technology handles Alipay's main functions, the Hangzhou-based company said. Set up in late 2004 with CNY1.5 billion (USD223 million) in registered capital, the unit's current legal representative is former Ant Financial Chairman and current Alibaba Vice-President Peng Lei.
Alipay Information Technology, the subject of the change in legal entity is a wholly owned unit of Alipay China Holding, registered in Hong Kong. Established in late 2008 with USD10 million in capital, its legal entity was changed from Ma to Ye on Aug. 29. Ye is now chairman and general manager of Alipay Information Technology, and head of Alibaba's Yuhang Branch, according to business information provider Qixinbao.
Editor: William Clegg