EUR 233.43 For Business Accounts Only

BZ: Long-Term Positive On BZ; Ongoing Data Review Is Likely To Be Concluded Soon

BZ will report 1Q22 results on June 20^th before the US markets open with an 8am ET conference call. We are positive on BZ’s performance in 1Q22 but cautious on its 2Q22 outlook due to the slowdown of China’s economy caused by large scale COVID lockdowns from mid-March to May. However, it is a temporary impact. The key factor for BZ’s growth is the government’s data security review, which started in July 2021. At this point, we believe it will be concluded soon. The conclusion is likely to be positive for the company. Policies in China experienced significant changes in the last month. The Politburo economic meeting as well as the Digital economy meeting are two clear signals for business and investment communities that China is moving from COVID-focused to economic growth-focused. The conclusion of BZ’s data review is likely to be in line with the new focus. As a result, BZ can start to acquire new users soon.