Tongdao Liepin Group (6100:HKG), the operator of Chinese job board Liepin.com and other HR-related services, reported revenue on 28 November of RMB 502.7 million (USD 69.1 million) for the three months ended 30 September 2024, a decrease of 10.0% when compared to the previous year.

For the nine-month period, revenue stood at RMB 1.51 billion (USD 208.5 million), an 8.1% decrease from the same period a year ago.

The company said, due to the combined effect of reduced cash billings in 2023 and pressure on mid-to-high-end recruitment demand in the first three quarters of 2024, its revenue from business customers remained under pressure in the current quarter (Q3), witnessing a year-on-year decline of 14.3% to RMB 425.5 million (USD 58.5 million).

As of 30 September 2024, the number of verified business users on the Liepin platform was approximately 1.40 million, representing a year-on-year growth of 10.9%.

Meanwhile, in the third quarter and the first nine months of this year, the revenue generated from providing talent development services to individual users was RMB 76.8 million and RMB 237.2 million, respectively, representing a year-on-year increase of 23.7% and 34.7%, respectively.

Shares on 28 November closed at HKD 2.45 (USD 0.31), down 7.54% on the day. The company has a market cap of HKD 1.60 billion (USD 205.6 million).