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BEIJING - Chinese online recruitment platform KANZHUN LIMITED (NASDAQ:BZ; HKEX:2076), currently valued at approximately $9.9 billion, announced Wednesday it has upsized and extended its share repurchase program, authorizing the buyback of up to $250 million of its shares, including American depositary shares. The company’s stock has shown strong momentum, delivering a 55.52% return year-to-date.
The company’s board approved amendments to the existing program that was initially established on August 29, 2024, with an authorization of $150 million. The program will now be extended for an additional 12-month period through August 28, 2026.
KANZHUN operates BOSS Zhipin, which the company describes as a leading online recruitment platform in China. The platform connects job seekers and employers through its mobile app. According to InvestingPro data, the company maintains impressive gross profit margins of 83.43% and boasts a perfect Piotroski Score of 9, indicating strong financial health.
The announcement comes as part of the company’s capital allocation strategy, though specific reasons for the increased repurchase authorization were not provided in the press release statement.
Share repurchase programs typically allow companies to buy back their own stock from the market, which can increase earnings per share and potentially boost share value.
The company did not disclose how much of the original $150 million authorization had been utilized prior to this expansion.
KANZHUN trades on both the Nasdaq and Hong Kong stock exchanges under the tickers BZ and 2076, respectively. InvestingPro analysis suggests the stock is currently trading below its Fair Value, with 12 additional exclusive insights available to subscribers.
In other recent news, Kanzhun Limited reported second-quarter earnings that surpassed analyst expectations. This positive performance was attributed to strong user growth and enhanced operational efficiency. These results highlight the company’s ability to leverage its platform effectively, contributing to its financial success. The earnings announcement has drawn attention from investors, indicating confidence in the company’s strategies and market position. The recent developments underscore Kanzhun’s ongoing efforts to strengthen its business operations. Additionally, the company’s performance has been closely watched by market analysts, reflecting its significance in the industry. As Kanzhun continues to expand its user base, its financial results remain a focal point for stakeholders.
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