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Used-vehicle platform Renrenche to slash jobs by 60%, report says
2019-06-05 12:55:48
China's online used-vehicle trading platform Renrenche seeks to cut as much as 60 percent of its staff as it battles tight funding and fierce competition, a source familiar with the matter told Reuters on Monday. The move comes amid a slowdown in China's tech sector that has created more caution among venture capitalists, undermined initial public offerings and prompted staff layoffs by companies such as JD.com. Renrenche, a startup backed by Tencent, Didi Chuxing and Goldman Sachs, is struggling to expand its business portfolio, said the source, who sought anonymity in the absence of authorization to speak to the media. The source, who was briefed on the situation, also confirmed the authenticity of an internal e-mail signed by Renrenche's founder, Li Jian, and circulated on Chinese social media last week, saying the company expected the restructuring would boost efficiency and speed decision-making. Renrenche did not immediately respond to an email from Reuters on Monday to seek comment. It was not immediately clear how many employees the company has. Used-vehicle sales in China have also declined amid a contraction in overall car and light-truck demand, which dropped 3.29 percent in May, data from the China Automobile Dealers Association show.
Miss.Dong Lu

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