Didi Chuxing has nixed free snacks and gym membership. ByteDance shrank its Chinese new year bonuses. Other Chinese technology companies are axing staff, fruit bowls and travel perks. For employees — like investors— times are tough.
The new mood across China’s tech heartlands, from Shenzhen to Beijing via Hangzhou, is a sudden austerity after years of buoyant excess.
With the economy slowing and capital flows abating, start-ups are cutting costs. “For an internet start-up you need people, capital and customers. And they are going to see erosion in every one of these categories,” says one Chinese tech investor.
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