Recruitment Platform BOSS Zhipin Completes Dual Primary Listing in Hong Kong
Chinese online recruitment platform BOSS Zhipin completed a dual primary listing on the main board of the Hong Kong Stock Exchange by way of introduction on December 22, trading shares under stock code “2076.” The opening stock price was HK$77.85 ($9.99) per share, and, as of press time, its price had reached HK$78.05 per share.
With Morgan Stanley and Goldman Sachs serving as co-sponsors, BOSS Zhipin has now officially joined the group of firms that are listed on both the Nasdaq and Hong Kong Stock Exchange.
In the past two years, dual primary listings in Hong Kong have become a main choice for Chinese technology enterprises, including Alibaba, KE Holdings, Bilibili, NIO, XPeng, Tencent Music Entertainment and so on. Among them, KE Holdings, NIO, Tencent Music Entertainment have achieved dual major listings in Hong Kong by way of introduction.
BOSS Zhipin aims to improve the efficiency of recruitment and job hunting through a transformative model that promotes two-way communication. Job seekers can selectively hide information from enterprises, and after obtaining permission, the enterprise can access the contact information and complete resume of the job seeker.
Zhao Peng, the founder, chairman and CEO of BOSS Zhipin, said, “Up to now, we have served one sixth of China’s 600 million non-agricultural labor force and one sixth of more than 40 million enterprises. There is still much room for growth in service coverage, service depth and service experience. Hong Kong is an international financial center and a mature capital market. In the future, we hope to share the growth dividend with investors according to the rules of Hong Kong stock market.”
According to the prospectus, as of September 30, 2022, BOSS Zhipin served 113.2 million job seekers and 9.6 million enterprises. In the third quarter of 2022, its average monthly active users reached 32.4 million, and R&D expenses reached 889 million yuan ($127 million). As of June 30, 2022, it had nearly 1,400 R&D personnel.
In the third quarter of 2022, BOSS Zhipin achieved revenue of 1.179 billion yuan, a year-on-year decrease of 2.7%, while the adjusted net profit was 377 million yuan, a year-on-year decrease of 2.2%. Recently, with the launch of marketing activities such as sponsoring Qatar World Cup, the company will further strengthen its coverage.
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The human resources service market where BOSS Zhipin employs is full of potential. According to the report of China Insights Consultancy, the scale of China’s human resources service market reached about 660 billion yuan in 2021 and is expected to exceed 1.4 trillion yuan in 2026, while the scale of China’s recruitment service market reached about 200 billion yuan in 2021 and is expected to exceed 470 billion yuan in 2026.
Compared with developed markets such as the United States, China’s online recruitment market is still in its early stage of development. According to China Insights Consultancy, the penetration rate of online recruitment services among Chinese job seekers in 2021 was about 20.3%, about half of that of the US market, indicating great potential for growth.