Chinese tech giant ByteDance has laid off nearly 100 employees in its strategic investment unit, Chinese media outlet Tech Planet reported Wednesday, citing several sources with knowledge of the matter. Team lead Zhao Pengyuan has been transferred to the office of the company’s president together with four other members of the senior management team, according to the report. A ByteDance representative confirmed the “ongoing adjustment” of the investment team, but sought to portray it as a normal annual reshuffle to “strengthen business focus” and “reduce investments in businesses that have low synergies with other lines of service.” The company says that some details regarding the changes are still under discussion, adding that it plans to transfer the employees in the investment team to other departments. [Tech Planet, in Chinese]