(Yicai Global) Dec. 6 -- Bilibili’s Hong Kong-listed shares sank despite the Chinese video-sharing website operator denying claims of large-scale redundancies. The company confirmed to Yicai Global that it is making some business and personnel changes to control costs and further stem losses.

Bilibili [HKG: 9626] closed down 7 percent at HKD160 (USD20.59) a share today, after surging 29 percent yesterday. Its US-listed stock [NASDAQ: BILI] edged 0.8 percent lower to finish at USD19.69 yesterday.

Recently, several Bilibili employees have said on social media that the Shanghai-based firm is laying off staff, especially from its livestreaming, comics and website businesses. Many staff confirmed the same to Yicai Global.

During Bilibili’s earnings conference call on Nov. 29, the company’s executives said it will continue to implement a series of cost-control measures such as reducing headcount and marketing expenses.

“We will trim our investment in non-core businesses and focus our resources on our core businesses, especially those that improve commercialization efficiency,” said Chairman and Chief Executive Chen Rui.

Founded in 2009, Bilibili has yet to make a profit. It recorded a net loss of CNY1.7 billion (USD240 million) in the third quarter of this year, 36 percent less than a year ago. Revenue rose 11 percent to CNY5.8 billion. The business hopes to break even by 2024.

Livestreaming, where the firm is making staffing changes, is one of Bilibili’s fastest-growing businesses. In the third quarter, revenue from value-added services, including livestreaming and memberships, totaled CNY2.2 billion, up 16 percent year on year. Income from gaming rose 6 percent to CNY1.5 billion, though it shrank as a share of the firm’s total revenue.

Zhang Shule, a gaming industry analyst, told Yicai Global that although Bilibili’s livestreaming business performed well, it lacks core competitiveness and potential for commercialization and monetization compared with industry giants and rival short-video platforms Douyin and Kuaishou.

As a result, developing its gaming business remains one of Bilibili's core tasks at present, Zhang said.

Editors: Dou Shicong, Peter Thomas