Beijing, June 22 (TMTPOST) — Chinese professional networking platform Maimai denied reports of mass layoffs on Tuesday, clarifying that only less than 15% of the staff has been cut.

It was reported that Maimai started a mass layoff after the Dragon Boat Festival, axing 30% of its staff. Some employees that were laid off only had two weeks to transfer their work to other colleagues and leave the company, Baobian News reported, quoting several sources who have left Maimai.

Maimai told Jiemian that the company made structural adjustment to its human resource and that less than 15% of staff was laid off.

Maimai had a rapid expansion in 2021 with its company size almost doubled when compared with that in early 2021, the company explained. Maimai said that the company is streamlining the company after the rapid expansion. The company’s year-on-year revenue growth surpassed 150% in 2021, meaning the company is growing fast. Maimai will continue to hire professional talents and create more value for its users, the company said.

Established in 2013, Maimai is the first unicorn company from China’s professional networking industry. Similar to LinkedIn, users can display their CV on Maimai, hunt for jobs and network with professionals from across China on Maimai. The professional networking platform is considered the “pantry of the Chinese Internet industry” since it aggregates most  professionals working in China's Internet companies.

Maimai’s current business includes advertising services for employers, marketing and hiring. Open information shows that the company have completed four rounds of financing since its inception. Its existing investors include DST Global, DCM China, 5Y Capital, IDG Capital and Zhaopin. The company’s latest financing was completed in 2018.

Maimai’s CEO Lin Fan talked about the company’s IPO plan in 2019 but no substantial move has been made so far.