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Asia Venture Capital

Sequoia Capital China Lays Off Staff Amid Tech Slowdown

Sequoia Capital China is laying off as much as 20% of its investment staff amid China’s economic slowdown, Reuters reported. The Chinese arm of Silicon Valley’s iconic VC firm now employs about 70 venture investment professionals, according to Reuters. 

As slowing economic growth creates a harsher climate, some of China’s biggest tech companies are working on layoffs and other steps to streamline their businesses. The Information last month reported that Chinese online retailer JD.com was planning a substantial round of layoffs that could slash the workforce of some teams by half.

Sequoia Capital China’s job cuts started in late March, according to the Reuters report. One partner, one managing director and several vice presidents and associates have so far agreed to leave the company, the report said.

Sequoia Capital China, founded in 2005 by Neil Shen, has become one of the Silicon Valley VC firm’s most valuable operations. Its investments have included some of China’s biggest tech companies such as ByteDance and Meituan Dianping.  

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