ALI HEALTH (00241.HK): Yu Yong appointed executive director, chairman and CEO; Shen Difan resigns from those roles

NewTimeSpace News: On 11 September 2026, Alibaba Health Information Technology Limited (stock code: 00241) announced that, with effect from the close of business on 11 September 2026, Mr. Yu Yong has been appointed as an executive director, chairman of the board, chief executive officer and chairman of the nomination committee of the company, as well as its authorised representative under Rule 3.05 of the Listing Rules; and Mr. Shen Difan has resigned as chairman, chief executive officer, chairman of the nomination committee and authorised representative, while remaining an executive director.

According to the announcement, Mr. Yu, aged 50, joined Alibaba Group Holding Limited and its subsidiaries in March 2005 and serves as an executive director, general manager and legal representative of several subsidiaries of the Alibaba Group, with over 20 years of experience in the mass consumption and e-commerce industries and extensive experience in merchant operations and supply chain transformation. During his time with the Alibaba Group, he held leadership roles in several core B2B businesses including Alibaba.com and 1688.com; from February 2022 to September 2026, he served as chief executive officer and president of 1688.com, the Alibaba Group's B2B wholesale platform, leading strategic initiatives including "1688 Yanxuan" and the "AI to B supply chain" and driving its transformation from a wholesale market into an industry supply chain platform. Mr. Yu obtained a bachelor's degree in international trade from Ningbo University in July 1994, was accredited as a senior economist (professor level) in November 2018, and was rated a Class B talent by the Hangzhou municipal government and a national-level leading technology talent in June 2024.

The announcement stated that Mr. Yu has entered into a letter of appointment with the company as an executive director for a term of one year commencing 11 September 2026, renewable for further one-year terms, and will retire by rotation and be eligible for re-election at annual general meetings in accordance with the articles of association and the Listing Rules; his remuneration will be determined by the company based on the recommendation of the remuneration committee with reference to its remuneration policy and factors including his qualifications and experience, responsibilities, contributions and prevailing market remuneration for similar positions. The announcement also disclosed that Rule C.2.1 of the Corporate Governance Code in Appendix C1 to the Listing Rules provides that the roles of chairman and chief executive should be separate and should not be performed by the same individual, and that the appointment of Mr. Yu as both CEO and chairman deviates from that code provision; the board considers the current leadership structure provides strong and consistent leadership with an active oversight framework and robust checks and balances to safeguard the interests of the company and its shareholders. 

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