STOCKS | Meituan Says Departures Under 2,000 After Layoff Reports

Meituan (3690) said fewer than 2,000 employees have left the company following reports of large-scale layoffs, according to Ming Pao, citing Caixin. Meituan said it had about 110,000 employees last year, implying the reduction ratio is not high. The company said the departures involved multiple business lines, with different layoff ratios across units. The report cited multiple employees as saying internal layoffs, including in core businesses, began in early May. Severance was described as N+1, calculated based on years of service plus one month of salary. The report also mentioned Xiaomi Group (1810) in connection with the layoff rumors, but provided no further details.