(Bloomberg) -- Morningstar Inc. is slashing its workforce in Shenzhen, as it seeks to relocate headcount to other countries amid a restructuring in China. 

The Chicago-based financial services company is winding down its non-China-focused workforce in the Chinese tech hub, according to an emailed statement from the company on Wednesday. The company has informed staff who are affected, it added. 

“We have made the decision to strategically shift our China operations to focus entirely on the domestic market, which requires us to streamline the team,” the company said, adding that its China-market-focused team members and business haven’t been affected.

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