(Yicai Global) Aug. 4 -- Fan Luyuan, an executive in Alipay, fintech arm of Alibaba Group Holding Ltd. [NYSE:BABA], is going to succeed Yu Yongfu as new CEO of Alibaba Pictures Group Ltd [HK:1060].

In a statement issued today, the company said Mr. Fan has vast experience and an excellent track record in business related to technology infrastructure.

Before joining Alibaba Pictures, Fan Luyuan was Alipay' senior vice president, and involved in major business decisions by Alibaba Pictures over the years. He was the founder of Tao Piao Piao, the online ticketing service app under Alibaba Pictures.

With this appointment, Jack Ma's movie unit, Alibaba Pictures, names a tech-insider to its leadership ranks. Yu Yongfu will remain chairman of Alibaba Digital Media & Entertainment Group, which includes Alibaba Pictures.

Pointing out, "Alibaba Pictures clearly positions itself in the new infrastructure of the film industry," Yu said Fan's "appointment is certain to accelerate growth at Alibaba Pictures."