Post by : Jyoti Gupta

Photo:Reuters

China’s biggest online job-finding app, Boss Zhipin, has announced it will raise money by selling 30 million new shares in Hong Kong. This is the first time the company is raising public funds in the city since it started trading there in 2022.

The company hopes to raise around HK$2.26 billion (about US$288 million). The price per share could go as high as HK$78, which is 14% more than what the shares were worth the day before.

Boss Zhipin first appeared on the U.S. stock market in 2021. In 2022, it also joined the Hong Kong Stock Exchange but didn’t raise money back then. The company’s CEO, Zhao Peng, said they waited until the right time—when more people were willing to invest.

Now that the Hong Kong market is doing well, Zhao feels it’s a good time to offer shares. The money raised will be used to improve their technology, grow their business, and maybe even buy other companies.

Around 45% of the funds will go into better technology and systems, 35% will help start new businesses, and the rest will support big plans and possible partnerships. Zhao also said they plan to launch the Boss Zhipin platform in Hong Kong within a year.

Boss Zhipin started in Beijing in 2014. It's famous for letting job seekers and employers chat directly. Last year, about 53 million people used it every month, and it earned about 7.36 billion yuan (US$1 billion).

The public can buy the new shares between June 25 and June 30. The shares will officially begin trading on July 4. On the day of the announcement, the company’s stock price went up by 4.6%.