BZ.US 2076.HK
Kanzhun operates Boss Zhipin, one of China’s top recruitment platforms, and went public in New York in 2021 and made a second listing in Hong Kong a year later.

The Latest: U.S. banking giant JPMorgan purchased about 10.73 million Hong Kong-listed shares of Kanzhun Ltd. (BZ.US; 2076.HK) on Jun. 3, raising its stake in the operator of the Boss Zhipin recruitment app from 6.51% to 7.94% at an average price of about HK$81.87 per share, according to a new Hong Kong Stock Exchange filing.

Looking Up: Such an increase by a major institutional buyer is usually a positive sign, implying the investor is optimistic on the company’s prospects and believes the stock may have some upside.

Take Note: JPMorgan also increased 1.21 million shares of short position in the company, holding a total short position of approximately 4.8 million shares, accounting for 0.63% of the company’s issued share capital.

Digging Deeper: Kanzhun operates Boss Zhipin, one of China’s top recruitment platforms, and went public in New York in 2021 and made a second listing in Hong Kong a year later. The company bet on the Qatar World Cup as a major promotional opportunity in 2022, significantly raising its brand awareness to capitalize on China’s post-pandemic rebound. Concurrently with its release of the latest results, Kanzhun also announced a new program to buy back up to $200 million of its shares over 12 months starting March 20.

Market Reaction: Kanzhun’s Hong Kong shares fell on Tuesday and closed down 2.7% at HK$82.15 by the midday break. The stock now trades near the lower end of its 52-week range.

Translation by A. Au

To subscribe to Bamboo Works weekly free newsletter, click here

Recent Articles

BridgeHR files for Hong Kong IPO

BridgeHR rides gig economy to Hong Kong IPO

China’s largest supplier of temporary employees is hoping to tempt investors with ‘its gig economy’ story, even as it relies heavily on one major customer Key Takeways: BridgeHR has filed…