Group 1 - Tencent Holdings Limited reduced its stake in BOSS Zhipin (02076) by 19.4757 million shares at a price of HKD 79.96 per share, totaling approximately HKD 1.557 billion [1] - After the reduction, Tencent's remaining shareholding is approximately 54.9722 million shares, representing a holding percentage of 6.57% [1]

Core Viewpoint - BOSS Zhipin (02076) announced the issuance of a total of 14,200 Class A ordinary shares due to the exercise of stock options from January 2 to January 5, 2026, and the conversion of 3.904 million Class B ordinary shares to Class A ordinary shares on January 8, 2026 [1] Summary by Categories - **Share Issuance** - A total of 14,200 Class A ordinary shares will be issued due to stock option exercises between January 2 and January 5, 2026 [1] - **Share Conversion** - On January 8, 2026, 3.904 million Class B ordinary shares will be converted into Class A ordinary shares [1]

FF305 | 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 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | | | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | | 於下列日期開始時的結存(註1) | 2025年12月31日 | | 832,378,695 | | 0 | | | 832,378,695 | | 1). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 而發行新股或轉讓庫存股份 - 涉及新股 | | ...

Core Viewpoint - The recent transfer of shares from Goldman Sachs (Asia) Securities to Morgan Stanley Hong Kong Securities indicates a significant movement in BOSS Zhipin-W's stock ownership, with a market value of HKD 1.691 billion, representing 2.20% of the total shares [1] Group 1 - On January 8, shareholders of BOSS Zhipin-W (02076) transferred shares valued at HKD 1.691 billion from Goldman Sachs (Asia) Securities to Morgan Stanley Hong Kong Securities [1] - BOSS Zhipin announced plans to issue a total of 114,100 shares due to the exercise of stock options between December 5 and December 16, 2025 [1] - Additionally, the company will issue 1,425,600 shares due to the vesting and settlement of restricted stock units during the same period [1]

Core Viewpoint - The recent transfer of shares from Goldman Sachs (Asia) Securities to Morgan Stanley Hong Kong Securities indicates a strategic shift in shareholder composition for BOSS Zhipin-W (02076), with a market value of HKD 1.691 billion, representing 2.20% of the total shares [1] Group 1 - On January 8, shareholders of BOSS Zhipin-W transferred shares valued at HKD 1.691 billion from Goldman Sachs (Asia) Securities to Morgan Stanley Hong Kong Securities [1] - BOSS Zhipin announced the issuance of a total of 114,100 shares due to the exercise of stock options between December 5 and December 16, 2025 [1] - Additionally, the company will issue 1,425,600 shares due to the vesting and settlement of restricted stock units during the same period [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 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 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02076 | 說明 | A類普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,800,000,000 | USD | | 0.0001 USD | | 180,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 1,800,000,000 | USD | | 0.0001 USD | | 180,000 | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 ...

Group 1: Market Performance - The U.S. stock market saw all three major indices rise, with the Dow Jones Industrial Average reaching a new historical high, approaching the 50,000 mark, closing at 49,462.08 points, up 0.99% [3] - The Philadelphia Semiconductor Index increased by 2.75%, setting a new historical high, with notable gains in chip stocks such as Microchip Technology up over 11%, Micron Technology up over 10%, and NXP Semiconductors up over 9% [5][6] Group 2: Federal Reserve Insights - Federal Reserve Governor Milan stated that the Fed should lower interest rates by more than 100 basis points this year, as economic data trends may support further rate cuts [5] - Milan noted that core inflation has returned to around the Fed's 2% target, and he expects strong economic growth in the U.S. this year [5] Group 3: Commodity Prices - Silver prices surged again, with COMEX silver futures breaking the $80 per ounce mark, reflecting a rise of approximately 6% [8] - Gold prices also saw a slight increase, with COMEX gold futures surpassing $4,500 per ounce, up over 1% [8]

Core Insights - Kanzhun Limited operates China's largest online recruitment marketplace, BOSS Zhipin, connecting job seekers with employers and generating revenue through recruitment-related services [5][10] - The company reported trailing twelve months (TTM) revenue of $1.09 billion and net income of $304.08 million through June 30, 2025, indicating strong financial performance [3][10] - As of November 13, 2025, Kanzhun's shares were priced at $20.88, reflecting a 51.4% increase over the past year, significantly outperforming the S&P 500 by 39.93 percentage points [3][4] Institutional Interest - CoreView Capital Management increased its stake in Kanzhun Limited by purchasing an additional 298,584 shares, bringing its total holdings to 9,447,889 shares valued at $220.70 million, which now represents 24.27% of CoreView's reportable U.S. equity assets [2][9] - The increase in stake occurred despite Kanzhun's strong recent performance, suggesting that CoreView views the company as a core holding rather than a short-term investment [9] Market Position - Kanzhun Limited has a market capitalization of $9.73 billion, positioning it as a significant player in the online recruitment industry [4] - The company serves a diverse range of corporate clients, from small and medium-sized enterprises to large organizations, indicating a broad market appeal [6] Future Considerations - The sustainability of Kanzhun's profitability in a potentially volatile hiring environment will be crucial for its long-term valuation, with a focus on enterprise spending behavior and margin stability [11] - Investors are encouraged to monitor Kanzhun's ability to maintain earnings without relying on a hiring boom, which would support its classification as a durable platform business [11]

Market Overview - A-shares experienced a slight upward trend, with the Shanghai Composite Index closing at 3,965 points, while the Shenzhen Component and ChiNext Index rose by 0.49% and 0.63% respectively, with a total market turnover of 2.16 trillion yuan[13] - The Hang Seng Index increased by 0.86%, driven by technology and semiconductor sectors, while the Hang Seng Tech Index surged by 1.74%[9] - European markets showed strength, with the Stoxx 600 index rising by 0.6%, and several markets reaching new highs despite geopolitical uncertainties[7] Economic Policies - The Chinese government announced a 625 billion yuan special bond issuance to support the "old for new" consumption policy for 2026, aiming for a retail sales growth rate of approximately 3.2%[4] - The Federal Reserve's meeting minutes revealed internal divisions regarding future interest rate cuts, with a majority favoring further reductions, although uncertainty remains[28] Commodity and Currency Movements - Silver rebounded strongly, rising over 10% after experiencing its largest single-day drop in over five years, while copper prices extended their gains for eight consecutive days, marking the longest streak since 2017[25] - The U.S. dollar index increased by 0.2% to 98.24, while the euro appreciated by 13.5% year-to-date against the dollar[24] Investment Recommendations - The report suggests focusing on AI-driven companies in the internet sector, with recommendations including Alibaba (BABA US), Pinduoduo (PDD US), and Bilibili (BILI US) as potential investment opportunities[6] - In the banking sector, the report highlights the potential for profit growth of around 5% in 2026, recommending stocks like China Merchants Bank (600036 CH) and China Construction Bank (601939 CH) for their valuation recovery potential[11]

Core Viewpoint - BOSS Zhipin has become the largest online recruitment platform in China, benefiting from structural economic recovery and a rebound in the recruitment market, with a sustained growth in paid users and a gross margin around 85% [4][9]. Group 1: Company Growth and Market Position - BOSS Zhipin was founded in 2013, capitalizing on the mobile internet era without the burden of PC transformation, which significantly enhanced recruitment efficiency through mobile, intelligent matching, and direct communication [4]. - The number of new job postings on BOSS Zhipin increased by 25% year-on-year in Q3 2025, reflecting the recovery of the employment market [4]. - The demand for blue-collar workers has surged since 2023, with significant growth in service and manufacturing sectors, contributing to a change in user and revenue structure on the platform [5]. Group 2: Executive Compensation Strategy - BOSS Zhipin's high executive compensation strategy was established early on, with CEO Zhao Peng emphasizing the importance of sharing profits to attract and retain talent [6]. - In the latest annual report, Zhao Peng's total compensation was 6.986 million yuan, while other executives received significantly higher amounts, reflecting the company's commitment to incentivizing leadership [6][7]. Group 3: Financial Performance - In Q3, BOSS Zhipin reported growth in revenue, net profit, and cash flow, driven by an increase in enterprise clients and job postings [8]. - The total operating costs and expenses decreased by 7.0% to 1.476 billion yuan, while the gross margin remained stable around 85% [9]. - The net profit margin improved by 11.5 percentage points year-on-year, reaching 35.8% in Q3 [9]. Group 4: Blue-Collar Market Potential - The blue-collar workforce in China is projected to reach 425 million by 2024, with a significant portion of job changes occurring more frequently than in white-collar sectors [12]. - BOSS Zhipin's revenue from blue-collar services accounted for over 38% of total revenue, indicating a strong market presence in this segment [13]. Group 5: Challenges Ahead - BOSS Zhipin faces challenges from emerging competitors in the blue-collar market, particularly from short video platforms like Kuaishou and Douyin, which are leveraging their user bases to enter the recruitment space [15][16]. - The company must navigate a potential slowdown in growth rates for paid enterprise clients, with a projected decline in growth from 32.4% to 22.4% over the next year [10]. Group 6: Conclusion - The sustainability of BOSS Zhipin's growth amidst increasing competition and market dynamics remains uncertain, as the company explores opportunities in both blue-collar and white-collar markets [17].