China's Bytedance staff say bonuses clipped by slowdown, competition

FILE PHOTO: A new Bytedance sign is seen on the facade of its headquarters in Beijing, China August 8, 2018. REUTERS/Stringer/File Photo

Beijing Bytedance Technology Co, which owns short-video platform Tik Tok, has cut back holiday bonus payments ahead of the Chinese New Year, according to employees, amid a wider slowdown that has taken a bite out of the country's tech firms.

The six-year old company, one of the world's most valuable start-ups potentially worth around US$75bil (RM306bil), is the latest Chinese tech firm to show signs of strain amid an economic slowdown that has hurt consumer spending and ad sales.