KANZHUN LIMITED Announces Adoption of New Share Repurchase Program

Rhea-AI Summary

KANZHUN (Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, has announced a new share repurchase program effective August 29, 2024, for a 12-month period. The company may repurchase up to US$150 million of its shares, including American depositary shares. This program will operate alongside an existing US$200 million repurchase program that began on March 20, 2024. The new initiative demonstrates the company's confidence in its continued growth. Repurchases may be made on the open market, through private transactions, block trades, or other legal means, subject to market conditions and regulations. The board will periodically review and may adjust the programs' terms and sizes.

Positive

• Authorization of a new US$150 million share repurchase program
• Existing US$200 million share repurchase program still in effect
• Demonstrates confidence in the company's future growth
• Flexible repurchase methods to adapt to market conditions

Negative

• Potential reduction in cash reserves for future investments or operations

News Market Reaction – BZ

+12.51%

1 alert

+12.51% News Effect

On the day this news was published, BZ gained 12.51%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

BEIJING, Aug. 29, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED (“BOSS Zhipin” or the “Company”) (Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, today announced that the Company’s board of directors has authorized a new share repurchase program effective from August 29, 2024 for a 12-month period, under which the Company may additionally repurchase up to US$150 million of its shares (including in the form of American depositary shares), in a sign of confidence about the Company’s continued growth in the future. This new share repurchase program will operate in conjunction with the existing share repurchase program that became effective on March 20, 2024, also for a 12-month period, under which the Company may repurchase up to US$200 million of its shares (including in the form of American depositary shares).

The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company’s board of directors will review the share repurchase programs periodically, and may authorize adjustment of their terms and sizes.

About KANZHUN LIMITED

KANZHUN LIMITED operates the leading online recruitment platform BOSS Zhipin in China. The Company connects job seekers and enterprise users in an efficient and seamless manner through its highly interactive mobile app, a transformative product that promotes two-way communication, focuses on intelligent recommendations, and creates new scenarios in the online recruiting process. Benefiting from its large and diverse user base, BOSS Zhipin has developed powerful network effects to deliver higher recruitment efficiency and drive rapid expansion.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited, in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission and The Stock Exchange of Hong Kong Limited. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact: 

KANZHUN LIMITED
Investor Relations
Email: ir@kanzhun.com

PIACENTE FINANCIAL COMMUNICATIONS
Email: kanzhun@tpg-ir.com 

FAQ

What is the value of KANZHUN 's new share repurchase program announced on August 29, 2024?

KANZHUN (BZ) announced a new share repurchase program of up to US$150 million, effective August 29, 2024, for a 12-month period.

How long will KANZHUN 's new share repurchase program last?

The new share repurchase program announced by KANZHUN (BZ) on August 29, 2024, will last for a 12-month period.

Does KANZHUN (BZ) have any other active share repurchase programs?

Yes, KANZHUN (BZ) has an existing share repurchase program of up to US$200 million that became effective on March 20, 2024, also for a 12-month period.

How will KANZHUN (BZ) conduct its share repurchases?

KANZHUN (BZ) may conduct share repurchases on the open market, through privately negotiated transactions, block trades, and other legally permissible means, depending on market conditions and regulations.