Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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Cross Asset Strategy

<ul><li>In Depth: How the collapse of China’s housekeeping platforms hurt workers</li><li>Hong Kong shouldn’t take a back seat to Singapore, financial chief says</li><li>Facing water shortage, Shanghai scrambles to stop saltwater flowing into reservoirs</li></ul>

In Depth: How the collapse of China’s housekeeping platforms hurt workersHong Kong shouldn’t take a back seat to Singapore, financial chief saysFacing water shortage, Shanghai scrambles to stop saltwater flowing into reservoirs

CX Daily: How the Collapse of China’s Housekeeping Platforms Hurt Workers

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

Headline Developments: Another week, another major cyber attack!  Last Friday, a global ransomware attack hit up to 1,500 companies in what is believed to be the biggest supply chain attack to date.  In the attack, American software company Kaseya was compromised, opening a door for hackers to spread ransomware to managed service providers that use it’s technology, and in turn their clients.

Headline Developments: Another week, another major cyber attack!  Last Friday, a global ransomware attack hit up to 1,500 companies in what is believed to be the biggest supply chain attack to date.  In the attack, American software company Kaseya was compromised, opening a door for hackers to spread ransomware to managed service providers that use it’s technology, and in turn their clients.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Tencent Holdings (via Image Frame Investment) aims to raise around US$205m via selling a part of its stake in <a href="https://www.smartkarma.com/entities/kanzhun-limited" target="_blank" data-smartkarma-citation="entities:36622:1" rel="noopener">Kanzhun (2076 HK)</a>.</li>
<li>Kanzhun is a Nasdaq and Hong Kong-listed Chinese job listing portal. Kanzhun runs BOSS Zhipin APP, which allows enterprise users and jobseekers to directly chat, providing more convenience to both.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Tencent Holdings (via Image Frame Investment) aims to raise around US$205m via selling a part of its stake in Kanzhun (2076 HK).
Kanzhun is a Nasdaq and Hong Kong-listed Chinese job listing portal. Kanzhun runs BOSS Zhipin APP, which allows enterprise users and jobseekers to directly chat, providing more convenience to both.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Kanzhun Placement - Decent Performance but Liquidity Plays a Factor

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Boss Zhipin announced 2Q25 results: total revenue grew by 10% YoY to RMB2.1bn, in line with Bloomberg consensus estimate; non-GAAP net income was up by 31% YoY to RMB941mn, 15% ahead of the consensus estimate, mainly thanks to the operating leverage and effective control in S&amp;M expenses (-23% YoY).</li><li>Looking ahead, management guided total revenue to grow by 11.4- 13.0% YoY to RMB2.13-2.16bn in 3Q25E, reaccelerating thanks to the improved supply-demand dynamics.</li><li>We raise our FY25-27 earnings forecast by 5-9% to reflect the better-than-expected operating leverage and opex control. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Boss Zhipin announced 2Q25 results: total revenue grew by 10% YoY to RMB2.1bn, in line with Bloomberg consensus estimate; non-GAAP net income was up by 31% YoY to RMB941mn, 15% ahead of the consensus estimate, mainly thanks to the operating leverage and effective control in S&amp;M expenses (-23% YoY).Looking ahead, management guided total revenue to grow by 11.4- 13.0% YoY to RMB2.13-2.16bn in 3Q25E, reaccelerating thanks to the improved supply-demand dynamics.We raise our FY25-27 earnings forecast by 5-9% to reflect the better-than-expected operating leverage and opex control. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kanzhun Limited (BZ US) - 2Q25 Earnings Beat; Improving Recruitment Demand

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kanzhun-ltd" target="_blank" data-smartkarma-citation="entities:33368:1" rel="noopener">Kanzhun (BZ US)</a> plans to raise around US$300m via a public offering for its H-shares.</li>
<li>We have covered the company since its listing, links to our prior notes are below.</li>
<li>In this note, we'll talk about the deal dynamics and structure.</li>
</ul>



Kanzhun (BZ US) plans to raise around US$300m via a public offering for its H-shares.
We have covered the company since its listing, links to our prior notes are below.
In this note, we'll talk about the deal dynamics and structure.


Kanzhun HK Secondary Listing - Re-IPO but Needs to Correct or Offer a Wider Discount

China

Kanzhun Limited provides online recruitment services. The Company connects job seekers and enterprise users through its mobile application. Kanzhun offers a mobile-native product that promotes instant direct chats between enterprise users and job seekers.

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Kanzhun (BZ US)

CX Daily: How the Collapse of China’s Housekeeping Platforms Hurt Workers

In Depth: How the collapse of China’s housekeeping platforms hurt workers. Hong Kong shouldn’t take a back seat to Singapore, financial chief says

Caixin Global

Weekly Innovation Review (WIRE) #39

Headline Developments: Another week, another major cyber attack! Last Friday, a global ransomware attack hit up to 1,500 companies

Granite Bay Capital

Kanzhun Placement - Decent Performance but Liquidity Plays a Factor

Tencent Holdings (via Image Frame Investment) aims to raise around US$205m via selling a ~2% stake in Kanzhun. In this note we talk about the deal...

Akshat Shah

Kanzhun Limited (BZ US) - 2Q25 Earnings Beat; Improving Recruitment Demand

We lift our target price to US$25.5 based on 24x FY25E non-GAAP PE (previous: US$21.0 based on 21x FY25E PE), in view of the enhanced earnings...

CMB International

Kanzhun HK Secondary Listing - Re-IPO but Needs to Correct or Offer a Wider Discount

Kanzhun (BZ US) plans to raise around US$300m via a public offering for its H-shares. In this note, we talk about the deal dynamics.

Sumeet Singh

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52-week Range

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