Shares in China online recruitment site Kanzhun soared on their Nasdaq debut on Friday. … [+]
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Shares in China online recruitment platform Kanzhun Ltd. soared by 95.8% on their Nasdaq debut on Friday, turning founder Zhao Peng into the country’s latest billionaire.
Zhao, who is the chairman and CEO, held shares worth $2.6 billion at Friday’s close. The company’s American Depositary Shares ended the day at $37.20, compared with their IPO price of $19. Kanzhun raised $912 million in its IPO this month and had a market capitalization of nearly $15 billion on Friday.
Investors benefitting from its gain include funds associated with Capital Today, Tencent, Goldman Sachs, Coatue, Ceyuan and GGV.
Kanzhun’s fast-increasing revenue soared by 94.7% to the equivalent of $298.0 million in 2020 from a year earlier, and by 179% in the first quarter of 2021 to $120.4 million. It added to a run of red ink with a loss of $27 million on its operations in the first quarter of 2021.
In other news about other Chinese businesses seeking a U.S. listing, the country’s large yet similarly money-losing ride-hailing platform Didi took a step toward an IPO with a filing on Thursday (see related story here).
China is home to the world’s largest number of billionaires after the United States.
Earlier in his career, Zhao was CEO of Zhaopin, another China online job platform. He holds a bachelor’s degree in law from prestigious Peking University.
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Source: Forbes