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Image Source : China Visual
BEIJING, October 10 (TMTPOST) – More than three months after the ban on Chinese job recruitment platform BOSS Zhipin"s new user registration was lifted, it filed a dual primary listing application to the Hong Kong Stock Exchange on Monday.
According to the amended Cybersecurity Review Measures in China, online platform operators with more than one million users" personal information must file a cybersecurity review if they seek a foreign listing.
BOSS Zhipin"s Chinese legal counsel argues that under the revised Cybersecurity Review Measures, the term "foreign listing" does not include "Hong Kong listing" and therefore BOSS Zhipin is not subject to a mandatory cybersecurity review for this listing.
No notification has been issued by Chinese government authorities that BOSS Zhipin is involved in any service, product or data processing activity that affects national security and is therefore subject to cybersecurity review.
BOSS Zhipin"s U.S. share price dropped 7.20% to $15.43/ADS as of 22:35 BST, down 18.7% from the issue price of $19/ADS.
The company provides recruitment services mainly for small and medium-sized enterprises. For the 12 months ending June 30, 2022, the number of paying corporate customers of BOSS Zhipin was 3.8 million, an increase of 5.6% from a year ago.
In 2020 and 2021, the revenue of BOSS Zhipin was 1.944 billion yuan ($271.49 million) and 4.259 billion yuan ($594.89 million), respectively. In the first half of 2022, BOSS Zhipin reached revenue of 2.250 billion yuan ($314.24 million). In 2020 and 2021, the net loss of this company is 441.9 million yuan ($61.71 million) and 1.0711 billion yuan ($149.59 million) for the whole year. The net income in the first half of 2022 was 95.2 million yuan ($13.29 million).
During the cessation of new user registrations, BOSS Zhipin"s revenue growth declined significantly, from 174% year-on-year growth in 2Q 2021 to a 44.3% year-on-year growth in 1Q 2022.
