Alibaba is letting go of more than a third of the staff in its investment team, Reuters reported on Thursday, citing unnamed sources with knowledge of the matter. The e-commerce giant has one of the most robust corporate venture capital teams among the Chinese tech giants. It plans to reduce the strategic investment team of more than 110 people to about 70, with the cuts mainly affecting mid-level and senior people in mainland China according to the report. In mid-January, ByteDance sent shockwaves through the Chinese investment circle by dissolving its strategic investment team and reassigning 100 staff. Chinese tech giants are currently downsizing their investment units after nurturing promising startups for more than a decade. [Reuters]
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