The website is known as a kind of Chinese Craigslist, where people can find classified ads for part-time jobs, flats, housecleaning services, used goods and more. Founded in 2005 by Yao Jingbo, who at 47 years old remains the CEO, 58.com connects local merchants and consumers across more than 400 cities in China.
The job cuts are a fresh sign of China’s weak growth and lingering trouble in the country’s technology sector, which have dashed hopes of a strong economic rebound after Beijing scrapped its strict Covid-19 restrictions and reopened borders earlier this year.
Tencent Holdings, the country’s most highly valued tech company, cut more than 2,000 jobs in the first three months of the year, according to the latest employee numbers in its quarterly report.
The era of rapid growth for China’s tech platforms is over, so it does not make sense for 58.com to have so many workers, according to Li Chengdong, founder and chief analyst at Beijing-based internet consultancy Dolphin.
“Instead, it will try to improve efficiency and lower costs, including downsizing its workforce,” Li said.
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