(Yicai Global) May 24 -- The Chinese operator of recruitment platform Boss Zhipin has filed to go public on the Nasdaq.
The ticker should be “BZ”, Kanzhun said in its filing with the US Securities and Exchange Commission on May 21, without disclosing its fundraising target sum.
The Beijing-based company intends to use the proceeds of the listing to invest in building technology infrastructure, as well as in research and development. It will also spend money on marketing to drive user growth. It will also explore new products and services.
Founded in 2014, Boss Zhipin mobile platform is popular amongst small and medium-sized enterprises as it recommends job candidates for employers to chat with.
The recruitment platform has raised CNY3.9 billion (USD606.2 million) from institutional investors such as Capital Today, Tencent Holdings, Gaorong Capital, Ceyuan Ventures, Coatue, Goldman Sachs, GGV, and MSA Capital, over the past two years.
Despite rapid sales growth, the firm is not yet profitable. In 2020, Kanzhun widened its net loss by nearly 88 percent to CNY942 million (USD146.5 million) from a year ago. Revenue jumped 95 percent to CNY1.9 billion. In the first quarter of 2021, revenue rose to CNY790 million.
As of March 31, Boss Zhipin had served 6.3 million firms, more than four-fifth of which were SMEs. Blue-collar workers made up nearly 29 percent of its 30.6 million monthly active users.
Founder and Chief Executive Zhao Peng, and his family, hold a 14.7 percent stake in Kanzhun, according to the filing. Capital Today has 12.2 percent of the equity and Tencent holds 9.4 percent.
Editor: Emmi Laine, Xiao Yi