FAST NEWS: Tencent Rumored To Lay Off 10% Workforce To Save Costs

The latest: China’s internet giant Tencent Holdings Ltd. (0700.HK) will reduce its workforce by at least 10% across all business groups, including middle and junior management, as well as older employees, a media report said. Looking up: The report cited internal sources saying that the platform and content business group, which was the hardest hit by layoffs in the first half of the year, had saved about 3% of its overall costs through layoffs in the first half. With the implementation of greater cost control measures, the company will be…

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Golden Sun Education Shines Brightly in New York Trading Debut

The foreign language educator’s shares quadrupled on their New York debut on Wednesday, and continued to climb on their second day Key Takeaways: Golden Sun Education’s shares quadrupled in their first two trading days in New York, reflecting returning investor confidence to U.S.-listed Chinese stocks Company sold off several schools after last year’s Chinese crackdown on private education providers, and now focuses on foreign language tutoring services By Doug Young Is the sun finally set to shine again on new U.S. listings by Chinese companies? The answer appears to be…

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