(Yicai Global) Dec. 11 -- A leading area development official in the southern Chinese city of Shenzhen has resigned in order to head up the smart city technology business of Ping An Insurance Group, one of China's biggest financial conglomerates.

Du Peng, former director general of the Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone's administration bureau, will hold key positions in the group, including executive vice director of its smart city development commission, and will take charge of its smart city work, Yicai Global learned from the Ping An.

The Shenzhen-based group announced Du's appointment yesterday at a conference for senior management at its smart city business. Ping An International Smart City Technology, the unit, uses artificial intelligence, blockchain, cloud computing and other core technologies in its work.

Ping An Insurance signed an agreement with the Shenzhen government that covers three areas of cooperation, including smart city construction. The company has a large number of shareholders. Local government-owned Shenzhen Investment has a 5.27 percent stake.

The cooperation zone made great progress in institutional innovation, business services, construction of the Greater Bay Area and other fields during Du's four-year term as DG, highlighting its role as a test bed for reform and opening-up. The head office of Ping An International Smart City is located in the zone.

Covering 18.04 square kilometers and positioning itself as the future Manhattan of the Pearl River Delta, the zone lists the high-end service sector and the headquarters economy as key areas for becoming a regional hub and serving as a core area for deepening Shenzhen-Hong Kong and international cooperation.

Editor: Tang Shihua