(Yicai Global) Sept. 29 -- Kuaishou Technology’s shares fell after the Chinese short video platform operator announced its biggest organizational restructuring in 10 years aimed at improving efficiency and boosting business.

Kuaishou [HKG:1024] finished 1.6 percent lower today at HKD84.60 (USD13.08), after earlier slumping by as much as 6.2 percent. The benchmark Hang Seng Index rose 0.7 percent. The stock is down almost 80 percent from a record high closing price of HKD398 on Feb. 11, just days after the firm went public in Hong Kong.

The latest organizational shakeup at Kuaishou involves its main website, e-commerce business, advertising, internationalization, gaming business, and 57 staff changes, the Beijing-based company said yesterday.

Kuaishou sorted out a main site production operation line and four divisions, namely commercialization, e-commerce, internationalization, and games, according to their revenue and strategic layout, internal company emails seen by Yicai Global showed. Core functional departments such as research and development, data analysis, and project management were split among the divisions, so that each has its own.

After five years at Kuaishou, Yan Qiang, senior vice president and head of operations, said he would give up his management positions and act in an advisory capacity due to personal and family reasons.

Kuaishou’s business and stock price have both come under pressure recently. The firm’s net loss widened more than 145 percent to CNY4.8 billion (USD737 million) in the second quarter of this year, despite revenue jumping almost 50 percent to CNY19.1 billion (USD3 billion).

Its average daily and monthly active user numbers fell in the same period from the first quarter, per the firm’s latest earnings report.

Editor: Futura Costaglione