Reporter/Li Shaoting intern reporter/Yang Hui
Editor/Liang Xiao
On the evening of October 10, BOSS Zhipin (BZ, stock price of US$15.72, market value of US$6.837 billion) submitted a dual primary listing application to the Hong Kong Stock Exchange, and plans to list on the Nasdaq in the United States and the Hong Kong Stock Exchange at the same time. According to the prospectus, the funds raised by the dual main listing will be used to enhance core technical capabilities, data security and risk assessment capabilities around intelligent recommendation.
In July last year, BOSS Zhipin suspended new user registration until June 29 this year. As of June 30, BOSS has directly hired over 100 million certified job seekers and 8.9 million certified companies.
In terms of performance, in the first half of this year, BOSS Direct Employment turned losses into profits and achieved a net profit of 80.3 million yuan. It is worth noting that the financial report data shows that in the first half of the year, some of the direct employment expenses of BOSS decreased significantly compared with last year, and the general and administrative expenses decreased from 1.749 billion yuan in the same period last year to 316 million yuan.
Apply for dual listing on HKEx + Nasdaq
Today (October 11) afternoon, a reporter from “Daily Economic News” learned from the BOSS Direct Employment Office that the company submitted a dual primary listing application to the Hong Kong Stock Exchange on October 10, with Morgan Stanley and Goldman Sachs serving as joint joint ventures. Sponsor. In June last year, BOSS Zhipin successfully landed on Nasdaq. If the listing in Hong Kong is successful, BOSS Zhipin will become a company listed on both the US NASDAQ and the Hong Kong Stock Exchange.
According to BOSS Zhipin’s prospectus, the company is the largest online recruitment platform in China in terms of average monthly active users and online recruitment revenue in 2021 and the six months ended June 30, 2022. As of June 30, 2022, the average monthly active users of BOSS Direct Hire was 25.9 million.
In terms of the number and types of certifications, as of June 30, 2022, BOSS had directly hired 100.8 million certified job seekers, certified enterprise end users and certified companies, respectively, 100.8 million, 17.2 million and 8.9 million. Among them, white-collar and golden-collar users, blue-collar users and student users account for 54.5%, 29.3% and 16.2% of the job seeker user group respectively; 65.7% of the certified enterprise users are Bosses (referring to the executives or middle-level managers of large enterprises and small and medium-sized enterprises). managers, and micro-business owners).
It is worth mentioning that, according to the announcement of the Cyberspace Administration of China on network security review on July 5, 2021, BOSS Zhipin stopped new user registration during the review period last year, and did not resume until June 29 this year. Within a month and a half of the restoration, the platform added more than 10 million registered users. In July this year, the platform’s monthly active users and average daily active users hit a record high, and July’s active users increased by 16% compared with June.
In the first half of the year, general and administrative expenses decreased by approximately RMB 1.4 billion year-on-year
According to CIC data, the scale of China’s human resources service market in terms of revenue will reach 660.8 billion yuan in 2021, and the compound annual growth rate of the market size from 2021 to 2026 is expected to be 16.4%. The domestic human resources service market is still in the early stage of development. , with great growth potential.
As a leading enterprise in the recruitment industry, from the perspective of performance, 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%. While revenue continues to grow, in 2020 and 2021, the net losses of BOSS direct employment will be 942 million yuan and 1.1 billion yuan respectively.
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. Realized a net profit of 80.3 million yuan, turning losses into profits year-on-year.
Image source: Screenshot of the BOSS Direct Employment AnnouncementSpecifically, the prospectus shows that in the first half of the year, BOSS’s direct recruitment revenue mainly came from providing online recruitment services to paying corporate customers. Among them, revenue from KA customers (paying corporate customers who contributed revenue of RMB 50,000 or more in the 12-month period ended a specific period) increased by 42.8% year-on-year; revenue from medium-sized customers increased by 43.7% year-on-year. The number of paying corporate customers increased by 5.6% year-on-year amid the suspension of new user registrations for most of the time.
The “Daily Economic News” reporter noticed that in the first half of this year, part of the direct employment of BOSS has decreased significantly.
Among them, sales and marketing expenses decreased to 922 million yuan from 1.153 billion yuan in the same period last year. In this regard, BOSS Zhipin stated in the prospectus that it has adopted a marketing strategy to reduce advertising costs to improve marketing efficiency, resulting in a reduction of 375 million yuan in advertising costs, mainly due to the suspension of new user registrations. In addition, compared with the same period last year, the general and administrative expenses of BOSS direct employment in the first half of 2022 decreased from 1.749 billion yuan to 3.16 yuan, a decrease of about 1.4 billion yuan.
It is worth mentioning that although the remaining expenses have decreased, the research and development expenses are still increasing year by year. According to the prospectus, from 2020 to 2021, the research and development expenses of BOSS direct employment 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 this year, research and development expenses were 598 million yuan, which was still an increase compared with the same period last year.