KANZHUN LIMITED Upsizes Total Share Repurchase Program to US$350 Million With a New Program
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.
Kanzhun Limited Contact: Investor Relations [email protected]
