Kanzhun Limited (Nasdaq: BZ), whose core product is Chinese job board Boss Zhipin, has submitted a dual main listing application to the Hong Kong stock exchange.

Morgan Stanley Asia Limited and Goldman Sachs (Asia) L.L.C. are joint sponsors.

The group said the funds raised are expected to be used to enhance the group’s core technology capabilities around intelligent recommendation, as well as enhance its data security and risk

assessment capabilities, expand its services, grow its user base and user engagement, and for working capital and general corporate purposes.

Kanzhun said it was the first in China to adopt the direct recruitment model for the online recruitment industry.

“Our innovative business model is developed on an approach that is fundamentally different from other existing business models at the time of its inception and has since transformed the online recruitment industry and user behaviour in China,” the group stated.

On August 2022, the group reported unaudited financial results for the second quarter ended 30 June 2022. Revenue fell 4.8% to RMB 1.11 billion (USD 162.4 million).