Josh Ye / Reuters :

Chinese social media and e-commerce app Xiaohongshu has laid off 9% of its staff amid crackdowns; Xiaohongshu raised $ 500M in November at a $ 20B valuation – Chinese social e-commerce app Xiaohongshu, known as China’s answer to Instagram, said it had cut about 9% of its staff as the company joined other internet firms in retrenching.

Chinese social media and e-commerce app Xiaohongshu has laid off 9% of its staff amid crackdowns; Xiaohongshu raised $ 500M in November at a $ 20B valuation (Josh Ye / Reuters) comes via ChinaTechNews.com.