Zhaopin seeks US$100m in IPO
Print Edition
ZHAOPIN.COM, China’s second-largest online recruitment portal by revenue, has applied to raise a maximum of US$100 million on the New York Stock Exchange.
The money will be used to pay existing debt, fund geographical expansion, develop new products, and upgrade the website, the company said in an initial public offering filing to the US Securities and Exchange Commission.
Zhaopin said its revenue in the second half of last year rose 12.4 percent to 501 million yuan (US$80 million), while net profit fell 7 percent to 88 million yuan.
The company sees China’s slowing economic growth, fierce market competition and people’s uncertainty over the Internet as a recruitment channel as challenges confronting the business outlook.
Zhaopin has 74 million registered users at the end of last year, the filing said.
Its major competitor 51job.com was listed on Nasdaq in 2004.
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