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Home>>China Society slashes jobs to prepare for US listing? (2)

(People's Daily Online)

15:24, July 10, 2012

Online travel information provider is conducting national large-scale layoffs to cut the disadvantaged sectors and make preparation for the listing in the United States, an insider revealed to the Yangcheng Evening News on June 29.

But the company"s U.S. listing is still in the early stage of looking for underwriters, according to the insider. Its group buy service is still at a loss and is unfavorable to the main business.

On June 26, a staff member of its Chengdu office said on his micro blog that the company had begun to sack employees secretly since June 18 and 50 contracted managers across the country were involved.

The employee, who claimed to have worked for for 13 months, also said on his post that he was asked for an interview with the HR department and required to write down "resign for personal reason". He said the company harmed his interests because he still worked on the previous day.

Late in the evening of June 27, the company said in an official response that it did not conduct lay-offs and a very small number of staff leaving belongs to the normal operation. The company also said the number of its employees was up by 30 percent compared to the beginning of this year and group buy service remained steady increase since it was launched in last January.

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