KANZHUN LIMITED, China's leading online recruitment platform, officially landed on Nasdaq today. The stock rose 80.21% to $34.24, with a turnover of $178 million and a market capitalization of $13.694 billion.

According to the previous prospectus, KANZHUN LIMITED plans to issue 48 million American depositary shares (ADS) in this IPO, each ADS corresponding to 2 Class A common shares, with an issue range of $17 to $19 per ADS.

On the eve of listingKANZHUN LIMITED set his IPO price at $19 per share, which is at the upper end of the previous price range.Which reflects the high evaluation of the company by the organization and the market.

It is worth noting that after KE Holdings Inc., XPeng Inc. and MINISO Group and other high-quality new shares, KANZHUN LIMITED IPO in Fu Tu eligible subscription customers once again won the lottery! The number of subscribers reached 17118, and the subscription amount exceeded 150 million US dollars.

KANZHUN LIMITED, founded in 2014, is a mobile-centric product that provides instant direct chat between BOSS and job seekers through self-developed AI intelligent matching and big data insight, bringing accurate matching results. According to the burning knowledge consultationKANZHUN LIMITED has become the largest online recruitment platform in China in terms of MAU.

KANZHUN LIMITED creatively launched the "Mobile + Intelligent matching + Direct chat" model, which allows job seekers and recruiters to chat directly through mobile APP. At the same time, intelligent matching driven by AI and intelligent two-way matching solve structural problems in the recruitment industry, and improve the efficiency of job search and recruitment.

In the first quarter of 2021, KANZHUN LIMITED's average number of monthly active users (MAU) reached 24.9 million, up 71.8 per cent from the same period last year. KANZHUN LIMITED ranks first in China's online recruitment platform by MAU, according to CIC.

In terms of C-end services, as of the first quarter of 2021, KANZHUN LIMITED has served a total of 85.8 million certified job seekers, achieving full coverage for white-collar and gold-collar users, blue-collar users and college students.

In terms of B-end services, as of the first quarter of 2021, the company has accumulated 13 million certified enterprise-end users, and the number of paying enterprise-end customers has increased by 120% to 2.89 million.

Revenue growth is eye-catching, profitability is significantly improved

In 2020, the company recorded revenue of 1.944 billion yuan, an increase of 94.7% over the same period last year, and calculated cash receipts of 2.53 billion yuan, an increase of 89.7% over the same period last year.In the first quarter of 2021, the company's revenue was 789 million yuan, an increase of 179.0% over the same period last year, and a calculated cash collection of 1.182 billion yuan, an increase of 281.0% over the same period last year.

However, due to the increase of marketing expenses and R & D investment, the company is still in the loss stage. The adjusted net loss in the first quarter of 2021 was 128 million yuan, which was significantly narrowed compared with the same period last year.

In terms of cost structure, KANZHUN LIMITED's R & D expenditure in 2019 and 2020 was 326 million yuan and 513 million yuan respectively, up 57.7% from the same period last year, accounting for 32.6% and 26.4% of revenue respectively.

The market demand is huge, and the trend of online is obvious.

According to the burning knowledge consultation report, it is driven by the development of digital new economy, the favorable policy of innovation and entrepreneurship, the intensification of talent competition among enterprises, and so on.The size of China's online recruitment market is expected to increase from 55.1 billion yuan in 2020 to 223.4 billion yuan in 2025, with a compound annual growth rate of 32.3%.The incremental space is considerable.

Compared with developed marketsChina's online recruitment market is still in its infancy.In 2020, the penetration rate of online recruitment of job seekers in China was about 17.9%, about half that of the US market, indicating its huge growth potential.

Capital favored, luxury shareholder lineup

According to the prospectus, the company's shareholders include Today Capital, Tencent, Banyan Capital, Ceyuan Ventures, Coatue, Goldman Sachs Group, GGV GGV Capital, and Jade Capital. Among them, today's capital shareholding accounts for 14.7%, which is the largest institutional investor in the company.

In terms of fund-raising purposes, the funds raised by IPO will be used for the following purposes: 40 per cent for investment in technical facilities and research and development; 35 per cent for marketing and marketing; 15 per cent for exploring new products and services; and 10 per cent for potential strategic investments and acquisitions, working capital and general corporate purposes.