Alibaba Pictures Group has appointed Fan Luyuan as its CEO and chairman of the company’s executive committee. He takes over the two titles from Yu Yongfu, who was appointed in December as APG’s multi-titled supremo.

Fan will report to Yu, who still retains four other job titles at APG, including executive chairman and executive director. Yu is stepping aside in order to pursue his leadership of the wider matrix of digital entertainment and media operations at parent company Alibaba.

Fan first joined Alibaba in 2007 at the Alipay company that is now claimed to be the world’s largest payment platform. He was also among the founders of Yu’e Bao, another fintech giant within the Alibaba group, which operates in a similar fashion to crowd-funding. Yu’e Bao, which boasts 200 million users, has been involved as a junior financier in several of APG’s movie productions.

APG was founded when Alibaba acquired the Hong Kong- and Singapore-listed ChinaVision company. Its initial focus was on movie investment. But latterly the company has been re-positioned as a technology-backed services and distribution company. Its operations include one of China’s largest online ticketing platforms, while investments include minority stakes in the Dadi cinema chain and Steven Spielberg’s Amblin Partners.

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