Chinadotcom Lays Off 48 Employees
Aug. 25, 2000
HONG KONG (AP) _ Chinadotcom, the pan-Asian Internet service provider, announced Friday that it was laying off 48 of its employees in mainland China.
Hong Kong-based Chinadotcom was the first China-focused Internet firm to list in the U.S., on the Nasdaq Stock Market, last year.
Chinadotcom is a leading pan-Asian Internet company offering web solutions, portal and online advertising services. The company did not give the size of its work force.
Earlier this month, HongKongdotcom, part of Chinadotcom's network of portal sites, also laid off 47 workers.
Several Internet companies in Hong Kong have sacked employees in recent months because of the highly competitive market.
Last month, Tom.dot.com, owned by Hong Kong tycoon Li Ka-shing, laid off 80 employees.