On December 22, BOSS Zhipin, a technology company in the field of human resources, officially completed its dual primary listing on the main board of the Hong Kong Stock Exchange by way of introduction, and Class A ordinary shares began trading on the Hong Kong Stock Exchange with the stock code “2076”. Since then, BOSS Zhipin has become a company listed on the Nasdaq Exchange and the Hong Kong Stock Exchange at the same time.
According to the prospectus of BOSS direct employment, under non-GAAP, excluding equity incentive expenses, the adjusted net profit of BOSS direct employment in 2021 will be 853 million yuan; in the first three quarters of 2022, the adjusted net profit of BOSS direct employment will reach 740 million yuan. Since its listing, the company has achieved profitability at the adjusted net profit level for six consecutive quarters. Generally speaking, adjusted net profit is more worthy of investors’ attention, because only by excluding some income and expenses that do not affect the main business can it objectively reflect the company’s actual operating conditions.
The prospectus data also shows that in 2020 and 2021, the research and development expenses directly hired by BOSS will be 513 million yuan and 822 million yuan respectively, with year-on-year growth rates of 57.7% and 60.1%. In Q3 of 22022, BOSS directly hired R&D expenses of 290 million yuan, a year-on-year increase of 39%.
Different from traditional online recruitment platforms, BOSS Zhipin mainly focuses on “mobile + direct chat + intelligent matching”. According to the usage habits of the recruiters, the platform will recommend the preferred talents for the enterprises. Through the algorithm, even if different companies recruit candidates with the same salary and the same position, it will be the result of “thousands of people and thousands of faces”. Because job hunting is a two-way selection process, algorithmic recommendations for online recruitment platforms are more complicated than algorithmic recommendations for e-commerce platforms and content platforms, and companies need to invest more energy in research and development accordingly.
Prior to this, several companies in the human resources industry had IPO’d in Hong Kong stocks, and their performance was stable. As an industry favored by Hong Kong stocks for a long time, human resources have maintained relatively stable stock prices for a long time. This is mainly because China’s human resources market is still in a very early stage, the supply of the labor market is less than demand, and the new generation of people changes jobs frequently, which is a recognized blue ocean.
The listing of BOSS direct recruitment on the Hong Kong Stock Exchange will not only help the capital market to further understand China’s human resources industry, but also help give full play to the power of the market and technology, and promote the value connection of the capital market, enterprises and users.
On the policy side, positive signals continue to be released. The Ministry of Human Resources and Social Security recently issued the “Notice on the Implementation of the Action Plan for the Innovation and Development of the Human Resources Service Industry (2023-2025)”. The “Notice” proposes to cultivate and expand the main body of the human resources service market. By 2025, about 50 enterprises will be formed. Human resource service leading enterprise. Promoting the digital transformation and upgrading of the human resources service industry is an important direction for the country’s future development.
Back to BOSS Zhipin, BOSS Zhipin’s unique direct chat mode and intelligent matching mechanism have released the incremental demand for online recruitment services from enterprises, and at the same time accelerated the digitization of the entire recruitment value chain. The application of technologies such as artificial intelligence and big data analysis has improved the recruitment efficiency of enterprises and met the needs of enterprises for more efficient, cost-effective and user-friendly solutions.
It is worth mentioning that the recent optimization of epidemic prevention policies has also provided an opportunity for the recovery of the human resources industry. Kaiyuan Securities pointed out that the recovery of human resources after the epidemic is expected to be the first to rebound. In foreign countries, after the relaxation of the epidemic prevention policy, the revenue growth rate of the three giant companies in the human resources industry, Randstad, ADP and Recruit, reached a maximum of nearly 40%, and the rebound was rapid and the high growth lasted for a long time.
The Prophet of Spring River Plumbing Duck. It is believed that under the stimulus of policies, China’s human resources industry will usher in a window period of rapid development. For BOSS Zhipin, which has just been listed on the Hong Kong stock market, this is both an opportunity and a challenge.
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Event Tracking
- 2022-12-27 BOSS Zhipin went to IPO in Hong Kong, and the adjusted net profit increased steadily
- 2022-12-23 BOSS Zhipin completed the dual primary listing and officially landed on the Hong Kong Stock Exchange
- 2022-12-21 BOSS Zhipin completed the dual primary listing and officially landed on the Hong Kong Stock Exchange
- 2022-12-16 BOSS Direct Employment: Listed on the main board of the Hong Kong Stock Exchange by way of introduction, expected to be listed on December 22
- 2022-11-29 BOSS Zhipin’s revenue and net profit in the third quarter are now declining, and sponsorship of the World Cup will lead to an increase in marketing expenses
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