Wang Jianwei assumes the position of Head of E-commerce and concurrently serves as Head of Commercialization, reporting to CEO Cheng Yixiao.

On November 15, 2023, Kuaishou Technology (01024) announced in an internal email that Wang Jianwei, a member of the management committee, would assume the position of Head of the e-commerce business unit and also take on the role of Head of the commercialization business unit. He will report to Chairman and CEO Cheng Yixiao. Cheng Yixiao will no longer be responsible for the e-commerce business. According to sources, Cheng Yixiao stated in an internal communication meeting that he personally led the e-commerce business for a year and gained a deeper understanding of the synergy between traffic and the commercial ecosystem. This adjustment is not only beneficial for more efficient collaboration between upstream and downstream businesses, but also allows him to devote more energy to exploring new industrial opportunities from a company-level perspective, as well as better coordinating the traffic ecosystem and monetization system from a global perspective. During Cheng Yixiao's two-year tenure as CEO, Kuaishou consistently directed efforts and resources towards the sustainable and healthy development of the commercial ecosystem. Significant progress has been made in areas such as the collaborative construction of the commercial ecosystem, the efficiency of commercial monetization synergy, and the enhancement of commercial monetization organizational capabilities. The company has achieved double growth in business scale, revenue scale, operational efficiency, and profitability, with annual revenue reaching nearly a trillion yuan and e-commerce GMV entering the trillion yuan scale. Financial report data shows that the company achieved overall profitability at the group level for the first time in the first quarter of 2023, following four consecutive quarters of operating profit in domestic operations. In the first half of 2023, Kuaishou achieved adjusted net profit of 2.74 billion yuan, total revenue of 53 billion yuan, and e-commerce GMV exceeding 490 billion yuan, all achieving high double-digit growth. In the second quarter of 2023, the growth rate of e-commerce GMV reached 38.9%, achieving the highest quarterly growth rate in a year. Choosing this time to announce the handover of the e-commerce business leadership is an excellent opportunity. During the Double Eleven period, Kuaishou's e-commerce GMV, order volume, and commercial consumption performance all reached historic highs. The e-commerce business has become one of the important growth engines for Kuaishou's future and the center of the entire commercial ecosystem. Kuaishou stated that with Wang Jianwei concurrently responsible for the e-commerce and commercialization businesses, the cooperation and synergy efficiency between the two business departments will be enhanced, organizational combat effectiveness will be improved, organizational potential will be further unleashed, and it will contribute to the improvement of commercial monetization efficiency and the prosperity of the entire commercial ecosystem. Wang Jianwei joined Kuaishou in 2019 and has been responsible for various businesses, including vertical and horizontal scrolling businesses, main station and fast version products and operations, and commercialization. He has made contributions to scale growth, live streaming business exploration, and content ecosystem prosperity. In his one year of leading the commercialization business, based on his insights and understanding of products, content ecosystem, traffic operations, and commercial monetization, Kuaishou's commercial revenue has quickly recovered to high double-digit growth, with online marketing service revenue reaching 14.35 billion yuan in the second quarter of 2023, a year-on-year increase of 30.4%.