(Yicai Global) Oct. 11 -- Shares of Boss Zhipin fell in New York after the Chinese recruitment platform announced it filed for a dual primary listing in Hong Kong to raise funds for its core technologies, such as smart matching, data security, and risk assessment.

Boss Zhipin [NASDAQ: BZ] ended 5.5 percent down at USD15.72 yesterday.

Morgan Stanley and Goldman Sachs will be the co-sponsors of the Hong Kong Stock Exchange listing, the Beijing-based firm said without revealing any other detail, such as the amount of shares or money to be raised.

A dual primary listing refers to the listing of a company’s shares on two different bourses, giving access to additional capital and greater liquidity.

Other Chinese firms chose to return to Hong Kong for a secondary listing in the past two years. Since the beginning of this year, companies including real estate agency Beike and new energy vehicle maker Li Auto have completed dual primary listings in Hong Kong.

Boss Zhipin reported CNY2.3 billion (USD310 million) in revenue in the first quarter, up 15 percent from a year earlier. Net profit was CNY95 million (USD13.2 million) in the six months ended June 30, compared with a net loss of CNY1.6 billion in the same period a year ago. The rebounding performance was mainly due to the CNY1.5 billion cut in sales and marketing, research and development, and general and administrative expenses.

In the first half, Boss Zhipin’s average monthly active users were 25.9 million, generating an average of three billion job search and recruitment posts per month.

The company expects revenue in the third quarter to fall between 4.3 percent and 5.9 percent to about CNY1.1 billion from a year earlier.

Editor: Futura Costaglione