Jack Ma, billionaire founder of Ant Group, discusses the importance of AI in a rare public appearance, while the company announces a new CEO.

• From next year, Eric Jing will be succeeded as CEO by Ant Group president and finance chief Cyril Han.
• The twentieth anniversary celebrations of the company included a speech from Jack Ma, the founder of Alibaba and Ant Group, as well as management changes.
• Over the next 20 years, the artificial-intelligence era will surpass everyone's expectations.

The financial technology giant announced Sunday that Ant Group president and finance chief Cyril Han will become its new chief executive officer from next year, as the company seeks to revive growth following Beijing's clampdown on the tech sector.

According to an email seen by CNBC, Eric Jing will remain as chairman while Han will take over the role and report to him. The changes will take effect on Mar. 1, 2025.

Jack Ma, founder of Ant Group, which operates the popular payments app Alipay, announced management changes during the company's twentieth anniversary celebration.

While Ma acknowledged that his generation was fortunate to take advantage of the internet's opportunities, he predicted that the artificial intelligence era in the next 20 years would surpass everyone's wildest imaginations, as stated in a transcript by Chinese media.

The cancellation of Ant Group's public listing by Chinese authorities in 2020, which would have been a record-breaking event, has prompted the company to overhaul its business to comply with regulators.

Beijing scrutinized Alibaba, the e-commerce company co-founded by Ma.

Despite the regulatory crackdown, China's biggest technology companies have experienced growth. However, the Chinese economy is still under pressure, causing regulators to soften their stance.