Kanzhun Ltd SEC Filings

This Form 6-K from Kanzhun Limited (BZ), dated 25 June 2025, is a routine submission required of foreign private issuers under SEC Rules 13a-16/15d-16. The filing’s sole purpose is to furnish Exhibit 99.1, “Kanzhun Limited Supplemental Disclosures,” and to state that the exhibit is incorporated by reference into Kanzhun’s effective Form F-3 registration statement (File No. 333-268834). No financial statements, earnings information, or transactional details accompany this report. The document is signed by Director and CFO Yu Zhang, confirming corporate authorization.

KANZHUN LIMITED (NYSE: BZ), a leading Chinese online recruitment platform, has filed a Form 6-K announcing two significant corporate actions. The filing includes exhibits related to a new share offering and the issuance of shares under a general mandate.

Key points from the filing:

• The company submitted two major exhibits: a press release regarding the launch of a share offer and an announcement concerning the issuance of shares under a general mandate
• The filing was signed by Yu Zhang, who serves as Director and Chief Financial Officer
• The company confirms it will continue filing annual reports under Form 20-F rather than Form 40-F
• Principal executive offices are located in Beijing's Chaoyang District

This filing indicates potential capital raising activities and changes to the company's share structure, which could impact investor ownership and the company's financial position. Further details about the share offering terms and the number of shares to be issued would be available in the referenced exhibits.

Kanzhun Limited (Nasdaq: BZ; HKEx: 2076) has filed a preliminary 424(b)(5) prospectus supplement for a follow-on share offering of 30 million Class A ordinary shares. The transaction is split into an International Offering of 27 million shares and a Hong Kong Public Offering of 3 million shares. Each ADS represents two ordinary shares. Pricing will be set on or before 2 July 2025 and will reference the prior-day closes of the company’s ADSs (US$17.68 on 23 June 2025) and HK-listed shares (HK$69.00). The Hong Kong tranche carries a maximum price of HK$78.00 (≈US$9.94) per share, or US$19.87 per ADS.

The filing reiterates that Kanzhun is a Cayman Islands holding company that conducts PRC-restricted operations through a variable-interest-entity (VIE) structure. Substantially all 2022-2024 revenue was generated by Beijing Huapin Borui Network Technology Co., Ltd. (the VIE). The company highlights (i) foreign-ownership restrictions on value-added telecom and internet-content services, (ii) contractual reliance on the VIE’s nominee shareholders, and (iii) the absence of direct equity in the VIE for ADS holders.

Key risk disclosures include: 1) enforceability uncertainties surrounding VIE contracts under PRC law; 2) potential PRC policy shifts that could force restructuring or divestiture; 3) evolving cybersecurity, data-privacy, and anti-monopoly regulations; and 4) exposure to the U.S. Holding Foreign Companies Accountable Act (HFCAA). Although the PCAOB in December 2022 regained full inspection access and Kanzhun is currently not a Commission-Identified Issuer, future adverse determinations could trigger an ADS trading ban after two consecutive non-compliant years.

Capital-flow considerations: Dividends to the Cayman parent depend on retained earnings of mainland subsidiaries; PRC law mandates statutory reserves, and on-shore debt covenants could restrict upstreaming of cash.

The offering will dilute existing shareholders but bolsters liquidity on both Nasdaq and HKEx, providing funding flexibility for growth initiatives once pricing and allocation are finalized.

Kanzhun Limited (BZ) filed a routine Form 6-K on 24 June 2025. The filing mainly serves an administrative purpose: it furnishes two exhibits—Exhibit 99.1 (Management’s Discussion and Analysis) and Exhibit 99.2 (unaudited interim condensed consolidated financial statements for the three-month periods ended 31 March 2024 and 2025). No financial figures or strategic disclosures are contained in the body of the report. The company also notes that these exhibits are incorporated by reference into its effective Form F-3 shelf registration (File No. 333-268834). CFO and Director Yu Zhang signed the submission. Overall, the document provides legal continuity and keeps the shelf registration up to date but does not, by itself, reveal material information that would affect the investment thesis.