Kanzhun Ltd., the operator of the largest mobile HR platform in China, seeks a New York initial public offering.
The seven-year-old company, based in Beijing, operates Boss Zhipin – a “mobile-native product that promotes instant direct chats between Bosses and job seekers, delivers accurate matching results, and is powered by proprietary AI algorithms and big data insights.”
Citing China Insights Consultancy in its prospectus filed Friday with the U.S. SEC, Kanzhun said it was the top online recruitment platform in China in 2020 in terms of average monthly active user numbers – which grew by 73% last year to 19.8 million. This number further rose to 24.9 million in the three months ended March 31, 2021. Further, in the 12 months through March 2021, the company counted 2.89 million paid enterprise customers and 13 million verified enterprise users, according to the filing.
In 2020, Kanzhun nearly doubled its revenues year-over-year to $298 million, while losses widened to $144.4 million. In the first quarter of 2021, revenues surged 179% to $120.4 million, while losses were $26.9 million. Operating cash flow turned positive in 2020, reaching $60.7 million.
Stakeholders in Kanzhun include an affiliate of Tencent Holdings (HKEX: 0700; OTC: TCEHY), Goldman Sachs, Capital Today Evergreen Fund, and GGV Capital. Among directors in Kanzhun are Charles Zhaoxuan Yang, the chief financial officer of NetEase, Inc. (Nasdaq: NTES; HKEX: 9999) and CTG Evergreen’s Xin Xu, who has led investments in JD.com (Nasdaq: JD; HKEX: 9618), Meituan (OTC: MPNGY; HKEX: 3690), and others.
Goldman Sachs (Asia) LLC, Morgan Stanley & Co. LLC, UBS Securities LLC, China Renaissance Securities (Hong Kong) Ltd., Haitong International Securities Co. Ltd., Futu Inc., and Tiger Brokers (NZ) Ltd. are securing the initial public offering.
The placeholder target size of the IPO is $100 million; the exact terms are yet to be announced. Kanzhun plans to list its ADSs on the Nasdaq Global Select Market under the symbol “BZ.”
Kanzhun’s vision is to “Redefine every individual’s career development with technology and a passion towards delivering user satisfaction, by optimizing efficiency, equality and choice.”
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