China’s Tencent starts new round of layoffs -sources

Chinese tech giant Tencent Holdings (0700.HK) has begun a new round of job cuts targeted at its video streaming, gaming and cloud businesses, four sources close to the matter said.

The sources said the layoffs affect three out of Tencent’s six business divisions – platform and content (PCG), which comprises of its video and news platforms, its gaming-focused interactive entertainment department (IEG) and cloud and smart industries group (CSIG).

Two of the sources said some staff in IEG were informed last week they were being laid off.

Tencent declined to comment.