Shares in China online recruitment site Kanzhun soared on their Nasdaq debut on Friday. … [+]
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Shares in China online recruitment platform Kanzhun Ltd. soared by 95.8% on their Nasdaq debut on Friday, turning founder Zhao Peng into the country’s latest billionaire.
Zhao, who is the chairman and CEO, held shares worth $2.6 billion at Friday’s close. The company’s American Depositary Shares ended the day at $37.20, compared with their IPO price of $19. Kanzhun raised $912 million in its IPO this month and had a market capitalization of nearly $15 billion on Friday.
Investors benefitting from its gain include funds associated with Capital Today, Tencent, Goldman Sachs, Coatue, Ceyuan and GGV.
Kanzhun’s fast-increasing revenue soared by 94.7% to the equivalent of $298.0 million in 2020 from a year earlier, and by 179% in the first quarter of 2021 to $120.4…