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China’s Big Tech Firms Are Axing Thousands of Workers
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BEIJING—China’s biggest tech companies are conducting large-scale layoffs this year as they deal with an economic slowdown and Beijing’s regulatory pressure.
Tencent Holdings Ltd. , operator of the popular chat, social media and payments app WeChat, is planning to cut thousands of employees in some of its biggest business units this year, including around a fifth of the staff at its cloud unit, people familiar with the matter said.
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