China’s Internet Majors Downsize to Weather Business Headwinds

What’s new: Six of China’s 10 biggest internet companies including Alibaba Group and Tencent Holdings slashed workforces in 2022 to counter business headwinds, a recent survey found.

The China Academy of Information and Communications Technology’s survey examined employment at China’s 10 most valuable internet companies and found that four of them — PDD Holdings, JD.com Inc., East Money Information Co. Ltd. and Beijing Kingsoft Office Software Inc. — continued workforce expansion last year. Industrywide, the total employment grew over the past three years, the survey showed.