CEBU, Philippines -- A Chinese online recruitment platform backed by Tencent Holdings has filed to raise up to $100 million in an initial public offering in the U.S. as it seeks funds to support its expansion plans.
Kanzhun, whose core product is job board Boss Zhipin, has not specified the number and price of American depositary shares it intends to sell, and its filing is heavily redacted.
It plans to list on the Nasdaq under the symbol BZ.
Kanzhun says its online platform, Boss Zhipin, has almost 25 million monthly active users, making it China's largest online recruitment platform.
It allows employers to interact and connect with job seekers through direct chat but does not permit enterprise users to access job seekers' resumes unless job seekers give express consent. Additionally, job seekers can make their information selectively visible to different types of enterprise users.
"Our operating philosophy highly respects job seekers," the company's prospectus says, "and we are committed to empowering them by giving them more say in the recruitment process."
According to Kanzhun, the market for its online recruitment platform is huge as the total population of nonfarm employees in China is expected to reach 612 million in 2025.
According to a CIC Report quoted by the company, online job-seeker platforms have increased their penetration to 17.9% in 2020 from 11.3% in 2015. They are expected to have a 34.9% penetration rate in 2025.
"Due to the proliferation of mobile internet and smart devices, job seekers are increasingly using online recruitment platforms when looking for jobs and especially value those platforms that can match them with the most suitable jobs more efficiently and conveniently," Kanzhun says.
The Beijing-based company was founded in 2013 and booked $218 million in sales for the 12 months ended March 31, 2021.
Tencent, through its subsidiary Image Frame Investment (HK) Limited, owns 12.2% of Kanzhun, representing 68.9 million shares.
The filing says all the preferred shares held by Image Frame will be automatically redesignated as class A ordinary shares immediately before the completion of the offering, giving Tencent a chance to exit.
In March, Tuya, another Tencent-backed Chinese company, filed to raise $915 million in what would be the second-biggest U.S. IPO this year by a Chinese company. RLX Technology raised $1.6bn in January.
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