Expands Presence in Vibrant Hong Kong Market through $288 Million Stock Sale via Boss Zhipin
China's Online Recruitment Giant, Boss Zhipin, Raises Funds in Hong Kong
Kanzhun Limited, the force behind its popular online recruitment platform Boss Zhipin, has dropped a bombshell by launching a public fundraising initiative in Hong Kong. This ambitious plan includes offering a whopping 30 million Class A ordinary shares, with 3 million shares available in the Hong Kong public market and 27 million shares for international investors, and a potential extra 4.5 million shares based on market demand[1].
The main objective behind this fundraising cavalcade is to beef up Kanzhun's financial agility and juice up its liquidity. The company plans to deploy the generated capital towards technological advancements, infrastructure improvements, and new business ventures, all in the name of driving future growth and cutting-edge innovation[1][2]. This financial infusion also strives to widen the shareholder base and boost stock liquidity in the market[1][2].
The potential revenue Kanzhun eyes to rake in from this offering clocks in at around HK$2.26 billion (approximately US$288 million), with a maximum issue price per share set at a premium HK$78, and just a smidge above the recent closing price of HK$68.40[2]. This is the first public capital raise in Hong Kong for Kanzhun since its double primary listing in December 2022[2].
Zhao Peng, founder and CEO of Boss Zhipin, shed some light on the company's move at a media conference the other day. He revealed, "We feared we wouldn't be able to unload our stock back then, so we just went ahead with the listing. Since our listing in Hong Kong, I've been trying to jack up our liquidity in the city and holding out for a propitious moment when folks are eager to snap up our stock."
[1] - Factiva: "Kanzhun Limited Raises Funds in Hong Kong to Support Growth and Innovation"[2] - Reuters: "Kanzhun Limited sets maximum issue price for $288 million Hong Kong share sale"
Kanzhun Limited aims to bolster its financial flexibility and increase liquidity via a public fundraising in Hong Kong, with the intention of using the raised funds for technological advancements, infrastructure improvements, and new business ventures. This financial infusion also aims to expand the shareholder base and enhance stock liquidity in the market.
