KANZHUN LIMITED Upsizes Total Share Repurchase Program to US$350 Million With a New Program

Rhea-AI Summary

KANZHUN , known as BOSS Zhipin (Nasdaq: BZ; HKEX: 2076), has expanded its share repurchase program to US$350 million. This includes a new 12-month program authorizing an additional US$150 million repurchase, alongside the existing US$200 million program initiated in March 2024. The total amount represents 7.2% of the company's current market value, positioning it among the highest in the industry.

BOSS Zhipin, China's largest online recruitment platform, reported strong Q2 2024 results with total revenue of RMB1,917 million (28.8% YoY increase) and adjusted income from operations of RMB660 million (52.1% YoY increase). The company's average monthly active users grew 25.2% YoY to 54.6 million, while paid enterprise customers increased by 31.1% YoY. As of early August 2024, the company had already repurchased shares worth US$88 million since March 27, 2024.

Positive

• Expanded share repurchase program to US$350 million, representing 7.2% of current market value
• Q2 2024 revenue increased 28.8% YoY to RMB1,917 million
• Adjusted income from operations grew 52.1% YoY to RMB660 million in Q2 2024
• Average monthly active users increased 25.2% YoY to 54.6 million in Q2 2024
• Total paid enterprise customers rose by 31.1% YoY in the 12 months ended June 30, 2024
• Adjusted operating margin reached a historical high, increasing by 5 percentage points YoY

Negative

• None.

BEIJING, Aug. 29, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED (“BOSS Zhipin” or the “Company”) (Nasdaq: BZ; HKEX: 2076), today announced that the Company’s board of directors has authorized a new share repurchase program effective from August 29, 2024 for a 12-month period, under which the Company may additionally repurchase up to US$150 million of its shares (including in the form of American depositary shares), in a sign of confidence about the Company’s continued growth in the future. This new share repurchase program will operate 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 US$200 million of its shares (including in the form of American depositary shares).

Combined, these two share repurchase programs bring the total maximum repurchase amount to US$350 million, representing 7.2% of the Company’s current market value as of today, which is among the highest in the industry.

The largest online recruitment platform in China, BOSS Zhipin, is also a pioneer of the next-generation Direct Recruitment model, which is transforming China’s online recruitment industry. With growing brand recognition and improved operational efficiency, BOSS Zhipin has continuously achieved significant progress in both its operational and financial performance.

On August 28, 2024, the Company announced its unaudited financial results for the quarter ended June 30, 2024. The Company reported total revenue of RMB1,917 million for the second quarter of 2024, representing a 28.8% increase year over year, and an adjusted income from operations of RMB660 million for the second quarter of 2024, representing a 52.1% increase year over year. The adjusted operating margin reached a historical high this quarter, rising by 5 percentage points compared with the same period last year. Average monthly active users reached 54.6 million in the second quarter of 2024, an increase of 25.2% year over year; while total paid enterprise customers in the 12 months ended June 30, 2024 rose by 31.1% compared with the same period last year.

As part of the Company’s ongoing efforts to enhance shareholder value, it has actively repurchased ordinary shares with a total consideration of US$88 million as of early August since March 27, 2024. These efforts demonstrate the management’s strong confidence in the Company’s sustainable growth.

FAQ

What is the new total amount of KANZHUN 's (BZ) share repurchase program?

KANZHUN (BZ) has expanded its share repurchase program to a total of US$350 million, combining a new US$150 million program with the existing US$200 million program.

How much did BOSS Zhipin's (BZ) revenue grow in Q2 2024?

BOSS Zhipin (BZ) reported a total revenue of RMB1,917 million for Q2 2024, representing a 28.8% increase year-over-year.

What was KANZHUN 's (BZ) user growth in Q2 2024?

KANZHUN (BZ) reported that its average monthly active users reached 54.6 million in Q2 2024, an increase of 25.2% year-over-year.

How much has BOSS Zhipin (BZ) spent on share repurchases as of August 2024?

As of early August 2024, BOSS Zhipin (BZ) had repurchased ordinary shares with a total consideration of US$88 million since March 27, 2024.