China-based job board and HR resource services provider 51job Inc. announced an update on its going-private transaction.

On 21 June 2021, the group announced that it entered into a definitive agreement and plan of merger with Garnet Faith Limited to be taken private in a deal valued at approximately USD 5.7 billion.

In an update yesterday, 51job announced that certain members of the buyer consortium that formed Garnet Faith Limited to acquire the company have been in consultation with Chinese regulators on recent regulatory changes in China that may be applicable to the company and the proposed transaction.

The consultation process by these buyer consortium members is currently ongoing and a clear timeline to its completion cannot be provided at this time, the group said.

51job intends to file an updated transaction statement (including the company’s proxy statement) as soon as possible, subject to the progress of the consultation process.

The company reported net revenue increased by 32.6% in the second quarter ended 30 June 2021 to RMB 1.09 billion (USD 169.8 million).