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Two sources familiar with the situation said that Sequoia China, regarded as China's leading investor in science and technology, would lay off up to 20% of its investment staff as the slowdown in China's science and technology industry depressed the willingness to take risks.
Sources said that Sequoia China currently has about 70 venture capital professionals, which are expected to be reduced. Two other people said that the proportion of layoffs would reach at least 10%.
Before the report was issued, Sequoia China told Reuters that the company regularly inspected its manpower situation and might make manpower adjustments.
"In the past 12 months, 13 new investment professionals have joined Sequoia China, which has led to a slight increase in the total number of our employees," the company said in a statement.
A company spokesman said in a statement to Reuters after the news report that the report was not true.
As a result of the economic slowdown and pressure on customer sentiment caused by the Sino-US trade war, large technology companies have laid off staff and reduced salaries to maintain performance, while seeking opportunities in an environment of stagnant economic growth, reflecting the overall industry downturn.
Two of the sources told Reuters that Sequoia China began layoffs in late March, mainly affecting technology, media, health care, consumers and industrial technology teams in the venture capital sector. The source refused to give his name because the information had not yet been made public.

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