Public Report on Controversy Over Layoffs and Reassignments of Fresh Graduates

According to Sina Technology, Xingyu Co., Ltd. conducted batch interviews in early August 2026 with more than 400 fresh graduates recruited through campus hiring in July, asking them to voluntarily resign citing personal reasons and receive half a month's salary as compensation; otherwise, they would be reassigned to frontline operational positions. According to the graduates, after the layoffs, only about 120 people remained on the group list, with roughly 70% of the fresh graduates having left. At the same time, some long-term employees who had joined between 4 to 7 years ago were also interviewed, with the proportion of layoffs at some factories in Changzhou possibly reaching 40%. One week before the layoff interviews, on July 29, Xingyu Co., Ltd. submitted a second listing application to the Hong Kong Stock Exchange. As of press time, Xingyu Co., Ltd. has not made an official response to this incident.