Meicai, a Chinese app that supplies farm-to-table produce for restaurants, is starting a new round of layoffs which will affect around 40% of the company’s workforce, Chinese media outlet iFeng reported on Wednesday. The reported job cuts come just five months after a previous round of redundancies in September when the company cut at least half of its employees across several teams. The current adjustment is reportedly in preparation for a Hong Kong IPO aimed at raising $300-500 million in the first half of this year. The Beijing-based company shelved a US IPO plan last July as Beijing tightened restrictions on overseas listings for Chinese firms. [iFeng, in Chinese]