Kanzhun, a Nasdaq-listed Chinese job listing website listed in Hong Kong. This is quite a hint that more Chinese tech firms would list in the block. Previously, the companies were under some red tape cloud. Last year in July, Kanzhun, the Tencent backing firm, operated the Boss Zhipin app. This was one of the three US-listed tech firms that became the target of cyberspace regulators. The firm cracked down on the country’s biggest technology company. Many delivered argumentations like The Cyberspace Administration of China, Didi Global, as well as Full Truck Alliance. Didi Global is a ride hailing giant in China, while Full Truck Alliance is a truck service provider.
They have collected illegal users’ personal data, plus ordered their apps removed from Chinese app stores. It took around a year of investigation until they allowed Kanzhun and FTA to continue having new user registrations. Last year also in July, the regulator fined Didi for as much as Rmb8.026bn due to the violation of security laws. Thus, when Kanzhun listed in Hong Kong, bankers sensed the signal that FTA will also follow the listing soon. Meanwhile, Didi would only revisit Hong Kong listing options after US delisting. One of the bankers argued that Kanzhun’s Hong Kong listing is a good sign. It shows that the cybersecurity probe is behind it so it can move to the fund raising.
He added that the FTA too could push ahead with Hong Kong listing soon. It reflects how Kanzhun got a listing blessing from regulators. FTA plans to file a dual primary listing in Hong Kong. Financial institutions working on the transactions are Morgan Stanley, Goldman Sachs, UBS, and Huatai International. Then, the sponsors for Hong Kong dual primary listing of Kanzhun are Goldman Sachs and Morgan Stanley.
