Chinese location-based mobile social services provider Momo announced that Wang Li, president and COO of Momo, would replace Tang Yan, founder of the company, to assume the CEO role, effective on November 1, 2020.

Wang is the founding partner of Momo and began to take the COO position from 2014. He has been a director of the company since 2017 and president of the company since 2018, fully responsible for the business and function of the company.

Tang affirmed Wang's achievements during his tenure in an internal letter and said that he would explore new areas and boundaries of the group's business and promote its continuous growth.

Tang also mentioned the fluctuation of the company's stock price. He explained that as the number of smartphone users reaches China's population limit this year, it means that almost everyone has been connected to the Internet. As an industry, mobile Internet has passed its lucky years of self-growth and they are facing a new era with focus on the profitability and health of the industry.