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Short video app Kuaishou restructures to stem losses

Tencent-backed company brings app-related functions into one department

Kuaishou Technology's restructuring comes as the company deals with the double whammy of growing losses and shrinking market value.   © AP

Kuaishou Technology has undertaken a sweeping business restructuring while keeping its core leadership more or less unchanged as the short-video and livestreaming company grapples with widening losses and plummeting market capitalization.

According to an internal memo seen by Caixin, the Beijing-based company will create an all-in-one department to operate its eponymous app, as well as handling product development, operations, user growth, gaming and search. Wang Jianwei, who was Kuaishou Technology's head of product development, will lead the department, reporting to co-founder Cheng Yixiao.

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