KANZHUN LIMITED has repurchased over 6.2 million shares in November, totaling over RMB300 million, underscoring management's confidence.
Quiver AI Summary
KANZHUN LIMITED, known as BOSS Zhipin, a leading online recruitment platform in China, announced the repurchase of over 6.2 million ordinary shares in November 2024, valued at more than RMB300 million. So far this year, the company has repurchased approximately 28.2 million shares, totaling over RMB1.4 billion (USD200 million), equivalent to 3% of its share capital. The company has launched a new share repurchase program, effective from August 29, 2024, allowing for an additional repurchase of up to USD150 million of its shares. This program runs alongside a previous one that authorized repurchases of up to USD200 million, which has now been fully utilized. These efforts reflect the management's confidence in BOSS Zhipin's long-term growth. Founded in 2014, BOSS Zhipin is noted for its innovative Direct Recruitment Model, enhancing communication between recruiters and job seekers through advanced technology. The company's business model demonstrates strong profitability and growth potential.
Potential Positives
- Kanzhun Limited has repurchased over 6.2 million ordinary shares in November, demonstrating a commitment to returning value to shareholders.
- The company has utilized USD200 million in its previous share repurchase program, indicating strong management confidence in its financial health and future growth.
- The announcement of a new share repurchase program for up to USD150 million reflects ongoing confidence in the company’s long-term development.
- BOSS Zhipin's leadership as the largest online recruitment platform in China and its innovative business model underscore its exceptional growth potential in a competitive market.
Potential Negatives
- The announcement of multiple share repurchase programs may signal a lack of better investment opportunities, which could be interpreted as a negative outlook on the company’s growth prospects.
- Utilizing significant capital for share buybacks (over RMB1.4 billion year-to-date) may raise concerns among investors about the company's allocation of resources and whether it could impact funding for future growth initiatives.
- The ongoing reliance on share repurchase programs could be seen as an attempt to artificially inflate the stock price rather than demonstrating organic growth or operational success.
FAQ
What is the recent share repurchase amount for KANZHUN LIMITED?
KANZHUN LIMITED repurchased over 6.2 million ordinary shares in November, valued at more than RMB300 million.
How much has KANZHUN LIMITED spent on share repurchases this year?
This year, KANZHUN LIMITED has bought back approximately 28.2 million ordinary shares, totaling over RMB1.4 billion (USD200 million).
What is the new share repurchase program by KANZHUN LIMITED?
The new share repurchase program allows KANZHUN LIMITED to repurchase up to USD150 million of its shares for 12 months starting August 29, 2024.
Why is KANZHUN LIMITED undertaking share repurchase initiatives?
The share repurchase initiatives demonstrate management’s strong confidence in the Company’s long-term growth and development plans.
What distinguishes BOSS Zhipin in the recruitment industry?
BOSS Zhipin is China’s largest online recruitment platform, utilizing a next-generation Direct Recruitment Model for effective communication between recruiters and job seekers.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BZ Hedge Fund Activity
We have seen 97 institutional investors add shares of $BZ stock to their portfolio, and 154 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- KRANE FUNDS ADVISORS LLC removed 11,370,301 shares (-98.4%) from their portfolio in Q3 2024
- UBS ASSET MANAGEMENT AMERICAS LLC removed 9,445,649 shares (-92.4%) from their portfolio in Q2 2024
- MORGAN STANLEY added 5,989,030 shares (+75.9%) to their portfolio in Q3 2024
- SCHRODER INVESTMENT MANAGEMENT GROUP added 5,920,620 shares (+74.6%) to their portfolio in Q3 2024
- WELLINGTON MANAGEMENT GROUP LLP removed 5,224,967 shares (-43.7%) from their portfolio in Q3 2024
- JPMORGAN CHASE & CO removed 3,990,696 shares (-22.0%) from their portfolio in Q3 2024
- DRAGONEER INVESTMENT GROUP, LLC removed 3,873,106 shares (-26.0%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
BEIJING, Nov. 29, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED (“BOSS Zhipin” or the “Company”), a leading online recruitment platform in China, today announced that it has repurchased more than 6.2 million ordinary shares in November, valued at more than RMB300 million. Year-to-date, the Company has bought back approximately 28.2 million ordinary shares, amounting to more than RMB1.4 billion (USD200 million), representing 3% of total share capital.
The Company announced a new share repurchase program effective from August 29, 2024 for a 12-month period, under which the Company may additionally repurchase up to USD150 million of its shares (including in the form of American depositary shares). This new share repurchase program operates in conjunction with the existing share repurchase program that became effective on March 20, 2024, also for a 12-month period, under which the Company may repurchase up to USD200 million of its shares (including in the form of ADSs).
As of today, the Company had fully utilized the USD200 million under the prior program and will now proceed with share repurchases under the USD150 million program. These repurchase efforts underscore the management's strong confidence in the Company’s long-term growth and development.
BOSS Zhipin, founded in 2014, is the largest online recruitment platform in China and a pioneer in introducing a next-generation Direct Recruitment Model, which is transforming China’s online recruitment industry. This innovative, mobile-native product facilitates instant, direct communication between recruiters and job seekers, ensuring accurate matching results through its proprietary recommendation algorithms powered by advanced big data and market insights. BOSS Zhipin’s business model highlights its strong profitability, exceptional growth potential, and leading market position.
