The financial arm of the Asian e-commerce firm has a new chief executive.

Ant Financial, the affiliate of Chinese e-commerce giant Alibaba, has appointed a new chief executive ahead of an expected initial public offering next year, media reports said.

Ant Financial named Eric Jing to take over as CEO from Lucy Peng, who remains as executive chairperson, the reports said, quoting an emailed statement. This publication was unable to reach Alibaba to confirm details at the time of publication.

Reports said Ant Financial is planning a share float in Hong Kong during 2017, becoming one of the largest IPOs of its kind in half a decade. Ant Financial operates in areas including wealth management and is seen as an example of how technology-driven firms are challenging conventional lenders. It competes against online payments firms such as Tencent.

Jing joined Alibaba in 2007 in its corporate finance division, and has worked in a number of areas, including being part of the rise of Ant Financial’s money market funds.