KANZHUN LIMITED Announces up to US$150 Million Share Repurchase Program

Rhea-AI Summary

KANZHUN LIMITED (Nasdaq: BZ) has announced a share repurchase program, authorizing up to US$150 million to be executed over the next 12 months. This initiative reflects the company's confidence in its business model, which has shown strong profitability and robust free cash flow generation in the first nine months of 2021. The repurchases will occur in the open market or through negotiated transactions, depending on market conditions. This strategic move aims to enhance shareholder value and demonstrates the company's commitment to long-term growth.

Positive

• Authorization of a share repurchase program worth US$150 million, enhancing shareholder value.
• Strong profitability and robust free cash flow generation reported for the first nine months of 2021.

Negative

• None.

BEIJING, March 09, 2022 (GLOBE NEWSWIRE) -- KANZHUN LIMITED (“BOSS Zhipin” or the “Company”) (Nasdaq: BZ), a leading online recruitment platform in China, today announced that the Company’s board of directors has authorized a share repurchase program under which the Company may repurchase up to US$150 million of its American depositary shares over the next 12 months.  

The Company’s proposed repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company’s board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size.

Mr. Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, commented, “The effectiveness of our business model has continued to be validated, with solid profitability and robust free cash flow generation reported for the first nine months of 2021. The share repurchase program announced today, reflects not only the confidence we have in our business model, but also our commitment to delivering long-term value for our shareholders.”

About KANZHUN LIMITED

KANZHUN LIMITED operates the leading online recruitment platform BOSS Zhipin in China. Established eight years ago, the Company connects job seekers and enterprise users in an efficient and seamless manner through its highly interactive mobile app, a transformative product that promotes two-way communication, focuses on intelligent recommendations, and creates new scenarios in the online recruiting process. Benefiting from its large and diverse user base, BOSS Zhipin has developed powerful network effects to deliver higher recruitment efficiency and drive rapid expansion.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

KANZHUN LIMITED
Investor Relations
Email: ir@kanzhun.com

In China：

The Piacente Group, Inc.
Helen Wu
Tel: +86-10-6508-0677
Email: kanzhun@tpg-ir.com

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Phone: +1-212-481-2050
Email: kanzhun@tpg-ir.com

FAQ

What is the purpose of KANZHUN LIMITED's share repurchase program?

The purpose of the share repurchase program is to enhance shareholder value and demonstrate confidence in the company's business model.

How much has KANZHUN LIMITED authorized for its share repurchase program?

KANZHUN LIMITED has authorized up to US$150 million for its share repurchase program.

Over what time period will KANZHUN LIMITED's share repurchase program take place?

The share repurchase program will take place over the next 12 months.

How will KANZHUN LIMITED execute its share repurchase program?

KANZHUN LIMITED may execute the share repurchase program through open market purchases, privately negotiated transactions, or block trades, depending on market conditions.

What financial performance has KANZHUN LIMITED reported recently?

KANZHUN LIMITED reported strong profitability and robust free cash flow generation for the first nine months of 2021.