Tongdao Liepin Group, previously known as Wise Talent Technology Services Co (6100:HKG), the operator of Chinese online recruitment platform Liepin.com, reported revenue Thursday of RMB 641.4 million (USD 89.1 million) for the three months ended 30 September 2022, a decrease of 5.9% when compared to the previous year.

“The third quarter of 2022 was a challenging and uncertain period on the macro-economic level and for the online recruitment industry,” the group stated. “The constant recurrence of the pandemic imposed ongoing impacts on economic activity, industrial production and residential life.”

“Taking the third quarter as a whole, the confidence of enterprises and residents was restored modestly, with uncertainties at the macro-level remaining as the primary concerns. Such conditions led to a limited recovery of recruitment demand and slow execution of recruitment decisions,” Tongdao Liepin stated.

Revenue for the nine-month period ended 30 September 2022 stood at RMB 2.01 billion (USD 279.3 million), a 7.1% increase from the same period a year ago.

Revenue generated from providing the talent acquisition services and other HR services to its business customers was RMB 1.78 billion (USD 247.40 million), a year-on-year increase of 10.5%. The number of verified business users continued to increase from 946,077 as of 30 September 2021 to 1,105,094 as of 30 September 2022, representing a year-on-year increase of 16.8%.

Tongdao Liepin shares closed on Thursday at HKD 7.69 (USD 0.98), down 3.99% on the day. The company has a market cap of HKD 4.06 billion (USD 519.4 million).