Chinese e-commerce giant Alibaba Group Holding has dismissed around 10,000 staff, in last three months. These layoffs had come after Alibaba had reported 50 percent fall in net income June. Well, these were an effort to cut down the expenses amid sluggish sales and a slowing economy within the country.

HIGHLIGHTS
The layoffs took place after Alibaba faced 50 percent fall in net income June
The company had cut down its overall headcount to around 245,700
Alibaba will become the first large dual-primary listed company in stock exchange

During the June quarter, the e-commerce firm had let go more than its 9,241 employees. As per the reports, the company had cut down its overall headcount to around 245,700. The company had even reported 50 percent drop in the net income to CNY 22.74 billion in the June quarter, down from CNY 45.14 billion during the same period last year.

Earlier in July, Alibaba announced plans to apply for a primary listing in Hong Kong by opening up the firm to a vast pool of mainland China investors for the first time.

On Tuesday, the move was announced which would witness Alibaba to become the first large dual-primary listed company on the New York Stock Exchange and Hong Kong Stock Exchange. It had taken the advantage of a new rule that would allow the dual primary listings. Alibaba's CEO Daniel Zhang has mentioned that the company was following another primary listing venue to foster a 'wider and a more distributed investors base.'

Well, Alibaba was once a darling of technology stock investors but, the e-commerce giant had witnessed its stock worth plummet when Beijing had launched a sweeping crackdown on the private industry. This change had left the company with a $2.8 billion fine and scuppered the initial public offering (IPO) of its affiliate Ant.

It has been noticed that Alibaba's stock jumped four percent during the beginning of trading in Hong Kong amid expectations the move would provide mainland China investors easier access to its shares.

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