I feel this is due to the asymmetric war POTUS is waging against the CCP… The heat is turning up on the Xi and the CCP.

China’s tech workers face layoff bloodbath amid crackdown, losses

Tens of thousands of workers have been let go amid a regulatory crackdown and overly aggressive expansion.

Nearly 73,000 workers were let go between July and mid-April alone, according to research by TechNode, a media outlet that covers China’s technology and startup scene. Later in April, lifestyle app Xiaohongshu, often described as China’s version of Instagram, fired about 10 percent of its workforce.

https://www.aljazeera.com/economy/2022/5/13/as-beijing-cracks-down-tech-workers-face-layoffs-bloodbath