Tiger Global Management and its affiliates acquired 18.6% (2,496,740 shares) of Zhaopin Ltd (ADR) (NYSE:ZPIN) based on its latest 13G filing with the Securities and Exchange Commission (SEC). Zhaoipin is a leading career platform in China.
Charles “Chase” Coleman III co-founded Tiger Global Management. He is one of the tiger cubs of legendary investor, Julian Robertson. Overall, the investment management firm increased its stake in industrial companies and reduced its holdings in technology companies in the previous quarter.
Zhaopin Ltd operates the most popular career-focused website
Zhaopin Ltd (ADR) (NYSE:ZPIN) is the operator of the most popular career-focused website in China and the second largest online recruitment services provider in terms of revenues last year, according to iResearch Public Data.
Zhaopin Ltd (ADR) (NYSE:ZPIN) focuses on educated and skilled users. These types of users favorably position the Chinese online recruitment service provider in industries with a large number of white-collar positions. According to the company, it understands the needs of users and employers. Its platform is capable is designed to match users with relevant job opportunities.
Zhaopin Ltd achieves significant growth
According to the company, it has 77 million registered users, including diverse and educated job seekers who are at different stages in their careers. Zhaopin Ltd (ADR) (NYSE:ZPIN) said approximately 274,450 employers posted 11.4 million jobs on its platforms during the nine months that ended March 31, 2014.
There were 56.9 million completed resumes were available in its database. The number of unique visitors who buy its services and the number of job postings and display advertisements all contribute to its revenues.
Initial public offering
Zhaopin Ltd (ADR) (NYSE:ZPIN) filed for an initial public offering (IPO) in the United States early this month, and offered 5,610,000 American Depository Shares (ADS) for $13.50 a share. The total offering price was $75.7 million. The company also expected to receive additional $14.1 million from issuing 2,222,222 Class A ordinary shares.
The Chinese online recruitment service provider said it would use the proceeds from its IPO for geographic expansion, product development, and upgrading its information technology system and website. It also plans to use the funds for working capital and general corporate strategies including strategic investments and potential acquisition opportunities.