Tian Xiaomeng 2022-10-10 20:17:49
DoNews October 10 news (Tian Xiaomeng) On October 10, BOSS Zhipin (NASDAQ: BZ) submitted a dual primary listing application to the Hong Kong Stock Exchange. The listing was jointly sponsored by Morgan Stanley and Goldman Sachs.
On June 11, 2021, BOSS directly recruited and landed on Nasdaq with the stock code BZ. The position report disclosed by institutions comprehensively shows that in the second quarter of 2022, 100 institutions increased their holdings of BOSS direct employment, including T.Rowe Price (Puxin Group), UBS AM (UBS Asset Management), Tiger Global (Tiger Global Fund), JP Morgan AM (Morgan Asset Management), etc.
Dual primary listing in Hong Kong refers to the fact that a company has been listed on a certain stock exchange, and then goes to the Hong Kong Stock Exchange for independent listing again. Both places are the main listing places of the company. This also means that after the listing process is completed, BOSS Zhipin will become a company listed on both the US NASDAQ and the Hong Kong Stock Exchange.
Like many Chinese technology companies seeking dual primary listings on the Hong Kong Stock Exchange, BOSS Zhipin is profitable and has ample operating cash flow.
According to the prospectus information, in the first half of 2022, BOSS Direct Employment achieved revenue of 2.250 billion yuan, and operating cash flow inflow was 481 million yuan. In 2020 and 2021, the revenue of BOSS direct employment will be 1.944 billion yuan and 4.259 billion yuan respectively, with a year-on-year growth rate of 94.7% and 119.0%.
Excluding equity incentive fees, under non-GAAP, BOSS Zhipin will achieve an adjusted net profit of 853 million yuan in 2021. In the first half of 2022, BOSS Zhipin continued to achieve an adjusted net profit of 363 million yuan, demonstrating stable operating efficiency and profitability.
It is worth noting that in the 12 months ended June 30, 2022, the number of paying corporate customers directly hired by BOSS reached 3.8 million, of which large customers paying 50,000 yuan or more increased by 85% year-on-year.
In terms of R&D investment, in 2020 and 2021, the R&D expenses for direct employment by BOSS will be 513 million yuan and 822 million yuan respectively, with a year-on-year growth rate of 57.7% and 60.1%. In the first half of 2022, research and development expenses were 598 million yuan, which continued to increase year-on-year. According to the prospectus, BOSS directly employs more than 1,300 R&D personnel.
According to the information in the prospectus, the funds raised by the dual main listing will also continue to be used for core technical capabilities such as intelligent matching, data security and risk assessment capabilities.
Many institutions are optimistic about BOSS’s direct employment in Hong Kong for dual main listings.
After the release of the results in the first half of 2022, securities companies such as CITIC, China Merchants, and UBS all gave BOSS a “buy” rating. Among them, the research report of China Merchants Securities wrote, “We are optimistic about the growth potential of the online recruitment industry and the development prospects of the company’s new model of ‘direct chat + mobile terminal + intelligent matching'”; CITIC Securities believes that the company’s profitability will continue to improve and continue to be optimistic BOSS direct hire products and efficiency-driven mid- to long-term potential.