Core Viewpoint - The liquidity of Chinese concept stocks returning to Hong Kong has shown significant differentiation, with larger companies facing liquidity challenges despite their market capitalization [1][2]. Group 1: Liquidity Challenges - As of mid-2025, among 31 Chinese concept stocks returning to Hong Kong, 12 have been included in the Hong Kong Stock Connect, leading to a more balanced trading level between US and Hong Kong stocks [1]. - BOSS Zhipin, despite a market capitalization of nearly 65 billion HKD, has faced persistent liquidity issues since its introduction to the Hong Kong market in December 2022 without raising funds [2][3]. - The average daily trading volume for BOSS Zhipin in Hong Kong was only 1.24 million HKD, with a turnover rate of 0.002%, compared to 5.6 billion HKD in the US market, highlighting a stark contrast in trading activity [2]. Group 2: Public Offering to Improve Liquidity - To address its liquidity issues, BOSS Zhipin launched a public offering on June 25, 2025, issuing 34.5 million shares at a price of 66.0 HKD per share, raising a net amount of 2.2 billion HKD [3][4]. - The public offering allowed participation from retail investors, which is expected to enhance liquidity by diversifying the shareholder base and increasing daily trading activity [3][4]. - Following the public offering, BOSS Zhipin's average daily trading volume surged to 35.2 million HKD, an increase of approximately 28.4 times, and the turnover rate rose to 0.05%, a 23.7-fold increase [5][6]. Group 3: Challenges in Meeting Stock Connect Requirements - Despite improvements in liquidity, BOSS Zhipin faces challenges in meeting the Stock Connect eligibility criteria, which require an average market capitalization of at least 20 billion HKD and total trading volume of 6 billion HKD over 183 trading days [6][7]. - As of September 16, 2025, BOSS Zhipin had only achieved 31% of the required total trading volume, indicating significant hurdles in reaching the necessary thresholds for inclusion in the Stock Connect [6][7]. Group 4: Executive Selling and Market Sentiment - Following the public offering, BOSS Zhipin's CTO sold shares in the US market, raising concerns about potential negative market sentiment among retail investors [7][9]. - The executive's selling activity could be interpreted as a cautious signal regarding the company's short-term outlook, which may affect trading enthusiasm among newly attracted retail investors [9]. - The company needs to maintain market confidence through positive operational disclosures and effective shareholder communication to balance shareholder returns and market stability [9].

Core Viewpoint - BOSS Zhipin-W (02076) announced the grant of a total of 1,086,100 restricted stock units to 49 employees as part of its post-IPO share plan, representing the same number of Class A ordinary shares [1] Summary by Category - **Company Actions** - The company is granting a total of 1,086,100 restricted stock units to employees [1] - This grant is part of the company's strategy following its initial public offering [1] - **Employee Incentives** - A total of 49 employees will receive the stock awards [1] - The stock awards are structured as restricted stock units, which may align employee interests with company performance [1]

Group 1 - The company BOSS Zhipin-W (02076) announced a grant of a total of 1.0861 million restricted stock units to 49 employees, equivalent to the same number of Class A ordinary shares [1] - This stock grant is part of the company's plan following its initial public offering, scheduled for September 16, 2025 [1] - The announcement highlights the company's commitment to incentivizing its employees through equity compensation [1]

授出股份奖励的理由为通过授出股份奖励以奖励承授人为公司的成功而做出的不懈努力，并给予承授人 竭力服务的激励，以及向更多雇员提供从股份增值中受益的机会。 格隆汇9月16日丨BOSS直聘-W(02076.HK)公告，于2025年9月16日，公司根据首次公开发售后股份计 划，以受限制股份单位的形式向49名雇员授予总计108万份股份奖励。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 KANZHUN LIMITED 看準科技有限公司 （於開曼群島註冊成立以同股不同權控制的有限責任公司） （股份代號：2076） （納斯達克股票代碼：BZ） 授出股份獎勵 於2025年9月16日，本公司根據首次公開發售後股份計劃，以受限制股份單位的 形式向49名僱員授予總計1,086,134份股份獎勵（「股份獎勵」）（代表相同數目的A 類普通股）（「授出」）。 績效目標 部分股份獎勵（約佔授出項下股份獎勵的92.32%）應根據績效目標進行歸屬，據此 將歸屬的股份獎勵數目應與本集團評估的承授人於相關期間的績效評估結果直接 掛鈎。此外，部分股份獎勵（約佔授出項下股份獎勵的1.75%）應於實現與業務發 展有關的績效目標後方可歸屬。授出項下的剩餘股份獎勵歸屬，不受任何績效目 標限制。 回撥機制 倘出現下列情況，股份獎勵須回撥： 授出受首次公開發售後股份計劃的條款及條件以及本公司與各承授人訂立的獎勵 協議約束。首次公 ...

Core Insights - The report indicates a divergence in performance within the social services sector, with leading companies outperforming their peers [5][7] - The overall revenue for the service consumption sector increased by 1.4% year-on-year in 1H2025, reaching 134% of 2019 levels, while profits declined by 11.5%, recovering to 79% of 2019 levels [12][15] - Key segments such as K12 education, human resources, and scenic areas showed both revenue and profit growth, while hotels, restaurants, tourism retail, and higher education faced challenges [12][13] Social Services Overview - In 1H2025, K12 training and human resources sectors saw revenue growth of 14.4% and 10.7%, respectively, with net profits increasing by 39.5% and 49.8% [12][15] - Scenic areas also reported growth, with revenues up by 3.9% and net profits by 2.4% [15] - Conversely, the hotel sector experienced a revenue decline of 4.5% and a significant profit drop of 40.6% [13][15] Travel Services - The hotel industry remains under pressure, with leading hotels like Huazhu Group and Shoulv Hotel showing resilience despite a decline in RevPAR [16][19] - In 1H2025, leading hotels continued to expand, with Huazhu adding 990 new hotels [16][18] - OTA companies benefited from overall travel demand, with significant growth in overseas business [7][24] Scenic Areas and OTA - Domestic tourism numbers surpassed pre-pandemic levels, with a 20.6% increase in travel volume in 1H2025 [24] - Scenic area performance varied, with Xiangyuan Cultural Tourism and Jiuhua Tourism showing strong growth, while Changbai Mountain faced challenges due to weather [29] - The average ticket price for domestic travel has not fully recovered, remaining at 95% of 2019 levels [24] Professional Services - The human resources sector is experiencing a mild recovery, with companies like Keri International and BOSS Zhipin performing well [7][16] - The education sector, particularly K12 training, continues to thrive, with a focus on AI applications enhancing efficiency [7][16] - The exhibition industry is awaiting macroeconomic improvements to boost performance [7][16] Restaurant and Tea Beverage Sector - The restaurant industry is under pressure, with same-store sales declining, while budget-friendly dining options are showing resilience [7][12] - The tea beverage sector is expanding, with leading brands like Mixue and Gu Ming performing exceptionally well [7][12]

Group 1 - KANZHUN LIMITED Sponsored ADR (BZ) is part of the Computer and Technology sector, which includes 605 companies and ranks 4 in the Zacks Sector Rank [2] - The Zacks Rank system indicates that KANZHUN LIMITED Sponsored ADR has a current Zacks Rank of 1 (Strong Buy), with a 3.8% increase in the consensus earnings estimate over the past 90 days [3] - Year-to-date, KANZHUN LIMITED Sponsored ADR has returned 73.9%, significantly outperforming the average gain of 16.8% in the Computer and Technology sector [4] Group 2 - KANZHUN LIMITED Sponsored ADR belongs to the Internet - Software industry, which consists of 173 companies and currently ranks 76 in the Zacks Industry Rank, with an average gain of 22.7% this year [5] - In contrast, Axcelis Technologies, another stock in the Computer and Technology sector, has a year-to-date return of 18.9% and is part of the Electronics - Manufacturing Machinery industry, which has declined by 15.4% this year [4][6] - Both KANZHUN LIMITED Sponsored ADR and Axcelis Technologies are expected to continue their strong performance in the market [6]

Group 1 - The company BOSS Zhipin (W) announced the issuance of 295,400 shares due to the exercise of stock options on September 4, 2025 [1]

Group 1 - The company BOSS Zhipin-W (02076) announced the issuance of 295,400 shares due to the exercise of stock options on September 4, 2025 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 看準科技有限公司 (於開曼群島註冊成立以同股不同權控制的有限責任公司） 呈交日期： 2025年9月4日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02076 | 說明 | A類普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每 ...