Chinese tech company Kuaishou, which owns and operates a widely-used short-video platform, announced that Su Hua, it’s CEO and co-founder, has taken a step back from day-to-day operations, reports The Wall Street Journal. The move follows several CEOs from other tech companies making similar moves amid a regulatory crackdown.
Kuaishou, which means “fast hand” in Chinese, is a major rival of TikTok owner ByteDance in China and operates a namesake app that lets users share short videos, stream live broadcasts and shop online, a competitor to Douyin, ByteDance’s TikTok-like app in China.
Mr. Su, 39 years old, will remain chairman, but will focus on long-term strategies, according to a filing with the Hong Kong stock exchange Friday. Mr. Su’s successor, Cheng Yixiao, a co-founder and chief product officer of the company, will oversee daily operations, the statement said.
Peers including Pinduoduo Inc. founder Colin Huang, ByteDance founder Zhang Yiming and JD.com Inc.’s Richard Liu have all stepped back from their companies’ day-to-day business as Chinese tech firms face tougher competition and a widening crackdown by Beijing.