Samreen Ahmad · · 1 min readChinese social commerce firm Xiaohongshu to axe 20% staff
Xiaohongshu, a Chinese social commerce company, will lay off 20% of its staff, TechNode reported, citing Chinese media outlet Sina.
The Tencent-backed firm joins a growing list of tech titans, including Didi Chuxing, ByteDance, Alibaba, Baidu, and Tencent, that are all reportedly axing their workforce amid a government crackdown.
The layoffs at Xiaohongshu will mainly affect freshers working in Shanghai and Beijing across many of the company’s verticals.
The startup, also known as the Little Red Book, had last July put its US listing plans on hold after China tightened rules on overseas listings. It currently has a workforce of over 1,500 staff.
See also: 20 largest exits in China
Editing by Deepti Sri and Arpit Nayak
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