HONG KONG - Sequoia Capital China, widely viewed as a bellwether for Chinese tech investment, is set to lay off as much as 20 percent of investment staff as a slowdown in the country’s tech sector saps appetite for risk, said two people with knowledge of the matter.
Sequoia China told Reuters it regularly reviews its workforce which may result in personnel adjustments. Chinese venture capital and private equity managers raised a combined $1.5 billion for investment across all sectors in the first three months of 2019, a far cry from the $9.4 billion of the same period last year, according to data provider Preqin.
Investment professionals including one partner, one managing director, and several vice presidents and associates have agreed to leave the firm during these cuts, said one of the people. The same month, online media outlet Sina Tech said e-commerce firm JD.com Inc planned to lay off 10 percent of senior executives this year. In March, Bloomberg said gaming and social media leader Tencent Holdings Ltd planned to demote or axe about 10 percent of managers.Sequoia China was founded in 2005 by entrepreneur-turned-investor Neil Shen. The firm employs about 150 people at offices in Beijing, Shanghai, Hong Kong and elsewhere in China.
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