Morningstar Cuts Hundreds Of Shenzhen Jobs in China Shift

Buildings in Shenzhen across from farmland in the Lok Ma Chau area of Hong Kong, China, on Friday, June 24, 2022. Photo: Bloomberg

(Bloomberg) — Morningstar Inc. is slashing a significant portion of its workforce in Shenzhen and relocating jobs to other countries as part of a restructuring exercise in China, a retreat that reflects a growing global ambivalence over doing business in the world’s second largest economy.

Several hundred people among its 1,000-strong workforce in the southern technology hub have been affected, said the Chicago-based financial services company on Wednesday.