KANZHUN LIMITED authorizes new $150 million share buyback

BEIJING - KANZHUN LIMITED (NASDAQ: BZ; HKEX: 2076), which operates the prominent online recruitment platform BOSS Zhipin in China, has announced a new share repurchase program. Starting today, the company's board of directors has given the green light for an additional repurchase of up to $150 million of its shares, including American depositary shares. This move comes as a display of confidence in the company's ongoing growth prospects.

The new repurchase authorization is set to run concurrently with an existing program that began on March 20, 2024, which also allows for the buyback of up to $200 million of its shares. KANZHUN LIMITED's repurchase activities may occur in various forms, such as open market transactions, privately negotiated deals, block trades, or other legally approved methods, contingent on the prevailing market conditions and in compliance with the applicable regulatory guidelines.

The board of directors at KANZHUN LIMITED plans to periodically review the share repurchase programs and may adjust their terms and size as necessary.

BOSS Zhipin, the platform operated by KANZHUN LIMITED, is known for its interactive mobile app which connects job seekers and employers in China. The app emphasizes two-way communication and intelligent recommendations, positioning itself as an innovative player in the online recruitment space. The company's large and diverse user base has facilitated strong network effects, which have been instrumental in enhancing recruitment efficiency and supporting the platform's rapid growth.

This press release contains forward-looking statements regarding the company's plans and expectations. These are subject to risks and uncertainties, and there is no assurance that the actual results will align with the projections. The company does not assume any obligation to update any forward-looking statements as per applicable laws.

The information regarding the new share repurchase program is based on a press release statement from KANZHUN LIMITED.

InvestingPro Insights

As KANZHUN LIMITED (NASDAQ: BZ; HKEX: 2076) embarks on its new share repurchase program, reflecting a strong belief in the company's growth trajectory, several key metrics from InvestingPro provide a deeper financial perspective. With a market capitalization of approximately $4.83 billion and an impressive gross profit margin of 83.04% over the last twelve months as of Q2 2024, KANZHUN's financial health appears robust. The company's commitment to returning value to shareholders is further underscored by its proactive buyback strategy.

InvestingPro Tips highlight that KANZHUN holds more cash than debt on its balance sheet, which is a positive sign for investors looking for a company with a solid financial foundation. Additionally, the stock's recent performance indicates that it may be in oversold territory, with the Relative Strength Index (RSI) suggesting that now could be an opportune time for investors to consider the stock.

Relevant InvestingPro Data also shows that KANZHUN has experienced a substantial revenue growth of 35.44% over the last twelve months as of Q2 2024. Despite recent price fluctuations, with the stock trading near its 52-week low and having taken a significant hit over the last six months, analysts predict the company will be profitable this year. This is further reinforced by the fact that KANZHUN has been profitable over the last twelve months.

For investors seeking additional insights, there are more InvestingPro Tips available, which provide an in-depth analysis of KANZHUN's financial metrics and market performance. To explore these insights and make informed investment decisions, visit the InvestingPro platform for KANZHUN LIMITED at https://www.investing.com/pro/BZ.

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