(Yicai) Nov. 16 -- Shares of Kuaishou Technology rose after the Chinese short-video platform said in an internal letter that its chief executive officer will no longer be in charge of its e-commerce business.

Kuaishou [HKG: 1024] was trading up 4.5 percent at HKD60.85 (USD8.38) as of 2.10 p.m. in Hong Kong today.

Cheng Yixiao will quit Kuaishou’s e-commerce business, according to an internal email released today. Wang Jianwei, a member of Kuaishou’s Corporate Governance Committee, will be appointed new head of the e-commerce and commercial businesses to further improve the cooperation and synergy between the two.

After the adjustment, Cheng can spare more energy to look for new industrial opportunities for Kuaishou and find out how to better coordinate the viewership ecology and commercialization system from a global perspective, he said at an internal meeting, according to media reports.

Cheng has been serving as Kuaishou’s CEO for two years. Under his guidance, the firm achieved its first profit at the group level in the first quarter of this year, after achieving operating profit in domestic business for four consecutive quarters.

In the six months ended June 30, Kuaishou achieved an adjusted net profit of CNY2.7 billion (USD377.8 million), a total revenue of CNY53 billion (USD7.3 billion), and an e-commerce gross merchandise value of over CNY490 billion (USD67.5 billion).

Wang joined Kuaishou in 2019. He was then named responsible for the firm’s product development, operations, and commercialization.

On Oct. 20, Kuaishou announced that its co-founder Su Hua would resign as chairman, and Cheng would replace him. Su will continue to serve as an executive director and member of the Remuneration Committee, while his voting rights would not change, the company said then.

Editors: Shi Yi, Futura Costaglione