FAST NEWS: JPMorgan raises Kanzhun stake to over 10%
The Latest: U.S. banking giant JPMorgan purchased about 2.17 million Hong Kong-listed shares of Kanzhun Ltd. (BZ.US; 2076.HK) on Sept. 20, raising its stake in the operator of the popular Boss Zhipin recruitment app from 9.82% to 10.15% at an average price of about HK$49.82 per share, according to a new Hong Kong Stock Exchange filing.
Looking Up: Following several stake increases this year, JPMorgan has overtaken Tencent (0700.HK) to become Kanzhun’s third-largest shareholder.
Take Note: Despite JPMorgan’s repeated buying, Kanzhun’s shares have moved steadily downward since May, meaning the investment bank has been losing money on its earlier holdings.
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. However, its business slowed in this year’s second quarter as a result of a weakening job market in China, with quarterly revenue coming in at the lower end of management’s earlier guidance range.
Market Reaction: Kanzhun’s Hong Kong shares jumped on Friday and closed up 6.5% at HK$63.55 by the midday break. The stock now trades in the middle of its 52-week range.
Translation by A. Au
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