Chinese social media and e-commerce app Xiaohongshu has laid off 9% of its staff amid crackdowns; Xiaohongshu raised $500M in November at a $20B valuation (Josh Ye/Reuters)

Josh Ye / Reuters:
Chinese social media and e-commerce app Xiaohongshu has laid off 9% of its staff amid crackdowns; Xiaohongshu raised $500M in November at a $20B valuation  —  Chinese social e-commerce app Xiaohongshu, known as China’s answer to Instagram, said it had cut about 9% of its staff as the company joined other internet firms in retrenching.