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]

Core Viewpoint - KANZHUN LIMITED, operating the online recruitment platform BOSS Zhipin, has announced the pricing of its share offer, aiming to enhance financial flexibility and support sustainable development through the issuance of 34,500,000 Class A ordinary shares [1][4]. Share Offer Details - The share offer includes 34,500,000 Class A ordinary shares, with 4,500,000 shares offered due to the full exercise of the offer size adjustment option [1]. - The final offer price is set at HK$66.00 per share, translating to approximately US$16.82 per American depositary share (ADS) based on the exchange rate of HK$7.8499 to US$1.00 [2]. - The net proceeds from the share offer are estimated to be approximately HK$2,199.9 million (US$280.3 million) after deducting underwriting fees and expenses [4]. Use of Proceeds - The proceeds from the share offer will be utilized for investment in technology and infrastructure, development of new business initiatives, strategic acquisitions, and general corporate purposes [4]. Market Entry - Subject to approval from the Hong Kong Stock Exchange, the Class A ordinary shares are expected to begin trading on July 4, 2025 [3]. Underwriters - Goldman Sachs (Asia) L.L.C. and Morgan Stanley Asia Limited are acting as overall coordinators for the share offer, with additional joint global coordinators and bookrunners involved [5]. Company Overview - KANZHUN LIMITED operates BOSS Zhipin, a leading online recruitment platform in China, facilitating efficient connections between job seekers and enterprises through its interactive mobile app [10].