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China – Zhaopin to launch on NYSE

06 May 2014

Chinese job board Zhaopin Ltd has filed a registration statement with the United States Securities and Exchange Commission (SEC) to raise up to USD 100 million in an initial public offering on the New York Stock Exchange (NYSE), reports foxbusiness.com.

SEEK International Investments Pty Ltd, a subsidiary of Australian job board SEEK Ltd, holds a 79% stake in Zhaopin.

Beijing-based Zhaopin was China's second-largest online recruitment services provider in terms of 2013 revenue, the company said on Monday citing market research firm iResearch Public Data.

The company told the SEC in a preliminary prospectus that Credit Suisse and UBS Investment Bank were underwriting the IPO.

Zhaopin said it planned to use the proceeds from the offering to repay debt, expand into more markets, develop products, and upgrade its website.

The filing did not reveal how many shares the company planned to sell or their expected price. The company intends to list its common stock on the New York Stock Exchange under the symbol "ZPIN".

This marks the second IPO announcement by a Chinese recruiter, following reports yesterday that recruitment firm ChinaHR may float on the Hong Kong stock exchange