Report
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Kanzhun is the largest online recruitment platform in China, as measured by average MAU in 2020, according to the CIC Report. As of Mar 2021, it had 13.0m verified enterprise users, 6.3m verified enterprises, and 85.8m verified job seekers on its platform. For 12 months ended Mar 2021, it had 2.89m paid enterprise customers. Its average MAU (including job seekers and enterprise users) reached 24.0m in 1Q21.
We have looked at various aspects of the deal in our earlier IPO notes, links to which are below. In this note, we look at the updates since then and the impact of the upcoming lock-up expiry.
We have covered the deal background in our earlier notes:
Kanzhun Pre-IPO -Bumble meets Linkedin and
Kanzhun IPO - Fast growth, strong investor support, cash flow positive....
Kanzhun IPO Trading - Should Be Able to Turn the China ADR Sentiment Around
China ADRs - Kanzhun, Full Truck and Didi - Regulators Sending a Message
Kanzhun Lock-up expiry
Kanzhun, an online recruitment platform in China, raised around US$1bn in its US IPO in Jun 2021. The company is backed by Tencent. Kanzhun runs BOSS Zhipin APP, which allows enterprise users and jobseekers to directly chat, thus, providing more convenience to both.Kanzhun is the largest online recruitment platform in China, as measured by average MAU in 2020, according to the CIC Report. As of Mar 2021, it had 13.0m verified enterprise users, 6.3m verified enterprises, and 85.8m verified job seekers on its platform. For 12 months ended Mar 2021, it had 2.89m paid enterprise customers. Its average MAU (including job seekers and enterprise users) reached 24.0m in 1Q21.
We have looked at various aspects of the deal in our earlier IPO notes, links to which are below. In this note, we look at the updates since then and the impact of the upcoming lock-up expiry.
We have covered the deal background in our earlier notes:
Kanzhun Pre-IPO -Bumble meets Linkedin and
Kanzhun IPO - Fast growth, strong investor support, cash flow positive....
Kanzhun IPO Trading - Should Be Able to Turn the China ADR Sentiment Around
China ADRs - Kanzhun, Full Truck and Didi - Regulators Sending a Message
Underlyings
KANZHUN LTD
TENCENT 700 HK
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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