Axe

SEEKING ALPHA reports:

– As the shares of numerous Chinese tech companies surged Wednesday, Alibaba (NYSE:BABA) and Tencent Holdings (OTCPK:TCEHY) are reportedly close to cutting thousands of jobs due to Beijing’s ongoing regulatory crackdown on China’s tech sector.

– According to a report from Reuters, Alibaba (BABA) is planning layoffs that could surpass 15% of the e-commerce giant’s 39,000-person workforce. Tencent (OTCPK:TCEHY) is also on track to cut between 10% and 15% of its more than 94,000 employees, according to what Reuters said were sources with “knowledge ...

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