KANZHUN LIMITED Continues Share Repurchase Program, Buying Back RMB1.4 Billion Worth of Ordinary Shares
KANZHUN (BOSS Zhipin) has repurchased over 6.2 million ordinary shares worth RMB300 million in November 2024.
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Rhea-AI Summary
KANZHUN (BOSS Zhipin) has repurchased over 6.2 million ordinary shares worth RMB300 million in November 2024. Year-to-date, the company bought back approximately 28.2 million shares valued at RMB1.4 billion (USD200 million), representing 3% of total share capital. The company has fully utilized its March 2024 USD200 million repurchase program and will proceed with an additional USD150 million program announced in August 2024. Both programs have 12-month durations. BOSS Zhipin operates China's largest online recruitment platform, utilizing a Direct Recruitment Model for instant communication between recruiters and job seekers.
Positive
- Completed USD200 million share repurchase program, demonstrating strong cash position
- Initiated additional USD150 million share buyback program
- Repurchased 3% of total share capital, potentially increasing shareholder value
- Market leadership position as China's largest online recruitment platform
Negative
- None.
Details
News Market Reaction – BZ
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BEIJING, Nov. 29, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED (“BOSS Zhipin” or the “Company”), a leading online recruitment platform in China, today announced that it has repurchased more than 6.2 million ordinary shares in November, valued at more than RMB300 million. Year-to-date, the Company has bought back approximately 28.2 million ordinary shares, amounting to more than RMB1.4 billion (USD200 million), representing
The Company announced a new share repurchase program effective from August 29, 2024 for a 12-month period, under which the Company may additionally repurchase up to USD150 million of its shares (including in the form of American depositary shares). This new share repurchase program operates 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 USD200 million of its shares (including in the form of ADSs).
As of today, the Company had fully utilized the USD200 million under the prior program and will now proceed with share repurchases under the USD150 million program. These repurchase efforts underscore the management's strong confidence in the Company’s long-term growth and development.
BOSS Zhipin, founded in 2014, is the largest online recruitment platform in China and a pioneer in introducing a next-generation Direct Recruitment Model, which is transforming China’s online recruitment industry. This innovative, mobile-native product facilitates instant, direct communication between recruiters and job seekers, ensuring accurate matching results through its proprietary recommendation algorithms powered by advanced big data and market insights. BOSS Zhipin’s business model highlights its strong profitability, exceptional growth potential, and leading market position.
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