Baidu Initiates Largest Layoffs in Years
Baidu Inc. has begun cutting staff across various business lines, multiple employees told Caixin. The reductions range from 10% to 25%, with some departments seeing cuts of nearly 30%, marking the company’s largest workforce contraction in recent years. Sources noted that severance packages can reach as high as “N+3.5,” referring to the number of years of service plus 3.5 months of salary.
Meituan Swings to Quarterly Loss
Meituan posted a net loss of 18.63 billion yuan ($2.6 billion) in the third quarter of 2025, marking its first quarterly loss since 2023, compared with a profit of 12.87 billion yuan a year earlier. Revenue grew 2% to 95.49 billion yuan, the slowest pace since the second quarter of 2020. The adjusted net loss stood at 16.01 billion yuan, widening beyond market expectations of 13.96 billion yuan. Meituan attributed the downturn to intense market competition and warned that it expects operating losses to continue in the fourth quarter for both its core local commerce business and the company as a whole.
Nexperia China Says Supplies Resume for Over 500 Clients
Chinese semiconductor firm Wingtech Technology Co. Ltd. (600745.SH) pushed back late Friday against accusations from its Dutch subsidiary Nexperia Holding B.V. that it has failed to engage in talks, as an ownership dispute continues to destabilize global supply chains. Nexperia China announced the same evening that since resuming shipments in mid-October, it has delivered 7.4 billion chips to supply 515 customers globally.
State-Owned Cruise Operator Cancels Japan Routes
Adora Cruises, operated by state-owned Hua Xia International Cruise Co. Ltd., announced it canceled its Japan routes for the first quarter of 2026. This makes it the first domestic cruise operator to publicly scrap Japan itineraries following a recent escalation in tensions between China and Japan. Another operator, Blue Dream Cruises, told Caixin that it might also adjust its schedules in December and could cancel voyages to Japan.
China Eyes Commercial 6G Deployment by 2035
An official from the China Academy of Information and Communications Technology estimated that China will possess 6G scale networking capabilities by 2030. The official predicted that commercial deployment on a large scale will be achieved by 2035, potentially cultivating a 6G industry and application market worth at least 1 trillion yuan.
