Alibaba Group is cutting over a third of staff in its in-house deals team, Reuters reports.
Alibaba seems to be reeling from Beijing’s sweeping regulatory crackdown.
Alibaba plans to reduce its strategic investment team of more than 110 people to about 70.
The job cuts mainly involve mid-level and senior people in the mainland, per Reuters.
Alibaba’s main rival Tencent also plans to cut tens of thousands of jobs combined this year.
TikTok owner ByteDance also shrunk its investment team and was dissolving a sub-group focused on financial returns in response to regulatory crackdowns in China.
On Sunday, China’s market regulator imposed the latest fines on Alibaba and Tencent as well as a range of other firms for failing to comply with anti-monopoly rules on the disclosure of transactions.
The regulatory crackdown, coupled with a slowing economy, has sharply slowed sales growth for most of the internet companies, smashed their share prices, and made new capital raising and business expansion much tougher.