Sequoia Capital China denied a Reuters report that said the venture capital firm was laying off as much as 20% of its investment staff. 

“Sequoia China is not downsizing its team,” the company said in a statement Wednesday. “Despite inaccurate reporting in the media, our team in China added 13 new investors in the last year alone.”

The Reuters report, published earlier this week, said Sequoia China, the Chinese arm of Silicon Valley’s Sequoia Capital, started cutting jobs in late March.  While several investment professionals have left Sequoia China in recent months, the firm also has hired new staff in the meantime, a person familiar with the matter said. As a result, the team’s overall headcount has slightly increased in recent months, the person said.