Hon Hai-invested startup confirms mass layoffs

The China Post
Date: January 5, 2017
By: Christine Chou

Local cloud computing pioneer and Hope Bay Technologies (和沛科技) founder Ben Jai (翟本喬) on

Ben Jai.(Facebook)

Wednesday confirmed reports of a mass layoff at the cloud computing solutions provider.

According to a report from the Chinese-language Credere Media, Hope Bay Tech plans to lay off more than a hundred staff.

Hon Hai Group, which trades as Foxconn, holds around 40 percent of Hope Bay Tech’s shares.

In a Facebook post, Jai stressed the company had enough capital to sustain its core cloud storage operations, adding they were trimming headcount because its business partner had readjusted its market strategy and product lines, prompting Hope Bay Tech to follow suit.

“With limited funds and time, we need to allocate our resources to projects that bring in the maximum value. This is the responsible path to take,” Jai said.Hon Hai-invested startup confirms mass layoffs   [FULL  STORY]

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