Benzinga -
- Chinese video platform Bilibili Inc (NASDAQ: BILI) initiated a new round of layoffs involving the firm's operations, gaming, and streaming units.
- Bilibili ousted 30% of the staff in these teams, Technode reports.
- Bilibili said the downsizing reflected business adjustments and denied the plan for large-scale cuts.
- Bilibili offered laid-off employees an "N(working years)+2" compensation package.
- The layoffs at the end of the year prevented employees from receiving a year-end bonus that would generally be equivalent to three months' salary.
- In December, China relaxed its strict Covid policy following a collective outcry from people across China.
- More than 20 cities, including the major metropolises of Beijing, Shanghai, Shenzhen, Wuhan, and Chengdu, scrapped the requirements for negative Covid tests on public transport.
- Leading Apple Inc (NASDAQ: NASDAQ:AAPL) iPhone assembler Hon Hai Precision Industry Co Ltd (OTC: HNHPF), operating as Foxconn (SS:601138), was instrumental in persuading China to ease its Covid-19 policies.
- Foxconn founder Terry Gou's letter to Chinese leaders warned against its strict Covid controls costing China's leadership in global supply chains.
- Price Action: BILI shares traded higher by 8.50% at $25.14 on the last check Tuesday.