(Yicai Global) May 7 -- Sequoia Capital China, which has funded tech behemoths such as JD.Com and Alibaba Group Holding, has refuted media reports that alleged it will lay off one-fifth of its investment personnel, including top management.

Sequoia Capital China's partner Wang Cen and individual employees have left but the company's headcount has, in fact, gone up with 12 new employees over the past 12 months, the Beijing-based venture capital firm told Yicai Global.

The Chinese arm of the Silicon Valley VC will let go 20 percent of its investment staff, including one managing director and several vice presidents, due to a slowdown in China's tech sector, Reuters reported yesterday, citing two people with knowledge of the matter.

The departure of Wang happened earlier and less than one-fifth of the staff, which would mean 70 people, have left, a person familiar with the matter told Yicai Global. 

Wang served as partner since March 2014 and led investment rounds in projects including Xiaomi's water purifier, Lium snack foods, organic Hanhoo Cosmetics, and braised meat firm Zhou Hei Ya International Holdings.

Founded in 1972, Sequoia Capital focuses on three markets including the US, China and India. The  Chinese arm, co-established with renown investor Neil Shen in 2005, has invested in tech giants such as Ant Financial Services Group, Mobike, Ele.me, and iQiyi, with more than CNY200 billion (USD29.6 billion) in funds under its management.

Editor: Liao Shumin, Emmi Laine