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What impact will the company's acquisition by private equity funds have on layoffs?

No impact.

According to legal provisions, if an employer merges or splits, the original labor contract will continue to be valid, and the labor contract will continue to be performed by the employer that inherits its rights and obligations.

Article 33 of the "Labor Contract Law", changes in the name, legal representative, principal person in charge or investors of the employer shall not affect the performance of the labor contract.