Beijing authorities closely monitor the internet, games, advertising, and other areas. The online world in China has become more challenging than ever. News of Layoffs’ by companies such as Tencent, Alibaba, Byte, and iQiyi are stressing out many office staff, causing them to “Prepare for rainy days.”
According to a report from Sina Technology, from December 1st, iQiyi will begin laying off employees on a large scale. This is the largest layoff in iQiyi’s history. Almost all department employees were laid off. Even profitable divisions like content and smart hardware are on the list.
However, iQiyi has not yet responded to the layoffs. Other netizens shared companies that have recently laid-off employees, including Baidu, Tencent PCG, Ctrip, UCAR, Beijing Suning Research & Development Center, Sina Reading Business Line, Mafengwo, Vipshop, CreditEase, and Kuaishou Game.
Currently, 360 businesses have announced layoffs. Some companies even postponed year-end awards.
Some people who work in the internet industry said that the technology industry is becoming so harsh, especially for the new rookies. They have just started and are already experiencing the largest layoff in history.
They also said that many other large Internet companies are saving costs to the max and cutting employees to survive this challenging situation. Life is getting sadder day by day. Money is hard to earn, so don’t waste money. So prepare yourself for the rainy days ahead.
This year, waves of layoffs are sweeping over different industries: real estate, internet, education, healthcare, e-commerce, home appliances, and food service. Even civil servants bonuses have been reduced.
Reuters quoted Hou Jiyong, founding partner of Fengyun Capital, pointing out that China’s regulatory measures on the internet industry will have a lasting effect. So there will be many small companies on the verge of bankruptcy because of these management measures.