Chinese tech conglomerate Alibaba Group on Friday denied speculations of mass layoffs, saying it is committed to hire 15,000 new employees this year, the media reported.

Earlier reports claimed that Alibaba Cloud is slashing 7 per cent of its staff amid a rough economic environment as it prepares for an IPO. As per a media report, Alibaba’s six units are planning to make 15,000 new hires this year including 3,000 fresh graduates.

In a post on the company’s official account on China’s Twitter Weibom, the company’s recruitment site is offering “thousands of new posts” each day.

“Each year we see newcomers joining and old colleagues leaving. The movement of talent is what all companies see. At Alibaba, talent is moving in and out normally,” the company said in the post.