Alibaba Group Holding Ltd has announced its intention to hire 15,000 individuals this year, dispelling recent rumours on Chinese social media suggesting that the company intended to reduce its workforce by 20%.

Alibaba, in a statement on its official Weibo account, revealed that out of the 15,000 individuals it plans to hire, over 3,000 will be newly-graduated students. 

"Talent movement is what all enterprises have been doing. In Alibaba, talents have been coming in and out, moving normally," the company said in the Weibo post.

According to a report by Moneycontrol, Alibaba's cloud unit has initiated a downsizing process that will affect 7% of its workforce. This move is aimed at streamlining the business as the company prepares for an IPO.

Alibaba, widely regarded as China's largest online commerce company and one of the world's biggest, operates three major platforms: Taobao, Tmall, and Alibaba.com. These platforms collectively serve hundreds of millions of users and facilitate transactions for millions of merchants and businesses. 

Alibaba boasts the highest volume of business among all e-commerce companies. Founded in 1999, the company also specialises in retail, internet, and technology.