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China tech

Wave of layoffs washes over China's tech giants

Mass demotion at Tencent follows job cuts at JD.com and NetEase

People seen walking in Qingdao, Shandong Province. The once enormously successful Chinese tech companies are struggling to find avenues of further growth.   © Reuters

HONG KONG -- China's information technology companies, among the most sought-after workplaces for the country's top talent, are rushing to streamline their workforces as the nation's economy slows.

Shockwaves rippled throughout China's tech sector when news broke on March 19 that Tencent Holdings will demote 10% of middle managers for falling short of expectations.

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