KANZHUN LIMITED Repurchased Ordinary Shares Continuously Over the Past Week, Total of USD44 Million of Shares Bought Back Under Current Repurchase Program

Rhea-AI Summary

KANZHUN , operator of China's largest online recruitment platform BOSS Zhipin, has repurchased over 2.12 million ordinary shares worth USD15.8 million in the past week. Since March 27, 2024, the company has bought back approximately 5 million shares totaling USD44.0 million. BOSS Zhipin reported strong Q1 2024 results with revenues reaching RMB1,703.8 million, up 33% year-over-year. The company's adjusted net income increased by 117% to RMB530.7 million. For the full year 2023, BOSS Zhipin achieved revenue of RMB5.95 billion, up 32% year-on-year, with an adjusted operating margin of 27%. The ongoing share repurchases reflect management's confidence in the company's long-term development and market-leading position.

Positive

• Repurchased 2.12 million shares worth USD15.8 million in the past week
• Total share buyback of USD44.0 million since March 27, 2024
• Q1 2024 revenues increased 33% YoY to RMB1,703.8 million
• Q1 2024 adjusted net income grew 117% YoY to RMB530.7 million
• Full year 2023 revenue up 32% YoY to RMB5.95 billion
• 2023 adjusted operating margin of 27%
• Market-leading position as largest online recruitment platform in China

Negative

• None.

News Market Reaction

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BEIJING, July 26, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED (“BOSS Zhipin” or the “Company”), a leading online recruitment platform in China, recently announced that the Company repurchased over 2.12 million ordinary shares with a total value of USD15.8 million for the past week. Over the past four months since March 27, 2024, the Company has repurchased approximately 5 million ordinary shares with a total value of USD44.0 million.

BOSS Zhipin is the largest online recruitment platform in China. Founded in 2014, BOSS Zhipin is a pioneer in introducing a next-generation Direct Recruitment Model, which is transforming China’s online recruitment industry. The mobile-native product promotes instant direct communication between recruiters and job seekers and delivers accurate matching results through its proprietary recommendation algorithms powered by big data insights.

Benefiting from the unique business model and strong technology capability, BOSS Zhipin continuously delivered solid performance. On May 21, 2024, the Company announced its unaudited financial results for the quarter ended March 31, 2024. Revenues reached RMB1,703.8 million in the first quarter of 2024, an increase of 33% from RMB1,277.5 million for the same quarter of 2023. Adjusted net income remained healthy, totaled RMB530.7 million, an increase of 117% from RMB 245.0 million for the same quarter of 2023.

In the full year 2023, the Company achieved a revenue of RMB 5.95 billion, up by 32% year-on-year. Excluding share-based compensation expenses, the adjusted net income for the year reached RMB 2.16 billion. Furthermore, excluding other income, such as wealth management income, the adjusted operating income for 2023 was RMB 1.64 billion, reflecting a remarkable 191% year-on-year increase. This resulted in a 27% adjusted operating margin.

BOSS Zhipin’s performance underscores its robust profitability capability, growth potential, and market-leading position. The Company’s ongoing repurchases reflect the management's long-term confidence in its development.

FAQ

How many shares has KANZHUN (BZ) repurchased in the past week?

KANZHUN has repurchased over 2.12 million ordinary shares worth USD15.8 million in the past week.

What is the total value of shares repurchased by KANZHUN (BZ) since March 27, 2024?

Since March 27, 2024, KANZHUN has repurchased approximately 5 million ordinary shares with a total value of USD44.0 million.

What was KANZHUN 's (BZ) revenue growth in Q1 2024?

KANZHUN 's revenues reached RMB1,703.8 million in Q1 2024, representing a 33% increase from RMB1,277.5 million in Q1 2023.

What was KANZHUN 's (BZ) adjusted net income for Q1 2024?

KANZHUN 's adjusted net income for Q1 2024 was RMB530.7 million, an increase of 117% from RMB245.0 million in Q1 2023.

What was KANZHUN 's (BZ) revenue for the full year 2023?

KANZHUN achieved a revenue of RMB5.95 billion for the full year 2023, up by 32% year-on-year.