Qualcomm has denied it is going to shut down its research and development facility in Shanghai, China.

The company, however, said “it does plan to downsize given uncertainties about the economy and demand,” the media reported.

Qualcomm told Chinese news service Yicai Global that it has no plans for large-scale job cuts at its Shanghai facility, which opened in 2010 and employs nearly 393 employees.

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However, the company admitted, “it does plan to downsize given uncertainties about the economy and demand.”

The multi-million dollar R&D center is situated in the Zhangjiang Hi-Tech Park in Shanghai.

Qualcomm also has an R&D facility in Beijing.

According to the report, “staff redundancies and other downsizing measures are mainly scheduled for the fiscal fourth quarter and will entail significant additional costs” at Qualcomm.

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