Gabriel Budi Sutrisno · · 1 min readAlibaba to lay off over 30% of investment team
Alibaba Group is downsizing its internal investment team by over 30% as China’s regulatory clampdown puts deal-making processes in the slow lane, sources told Reuters.
This means that the strategic deals team, which has more than 110 members, will be trimmed to around 70. The layoffs will mostly affect mid-level and senior staff based in mainland China.
Alibaba began cutting jobs in other verticals in February, and the overall attrition at the company could affect close to 39,000 employees.
The tech titan’s biggest rival, Tencent, is also set to dismiss thousands of staff. Chinese regulators recently fined Alibaba and Tencent, among other firms, for failing to comply with anti-monopoly rules on the disclosure of transactions.
In January, TikTok parent firm ByteDance also announced that it was making several changes to its investment teams. The company then disbanded its internal venture capital and investing group, which backs promising startups.
See also: Tracking layoffs across Asia’s startup ecosystem (Updated)
Editing by Samreen Ahmad and Eileen C. Ang
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