Chinese jobs site Zhaopin launches IPO

Chinese career platform Zhaopin has raised $75.7 million for its IPO after pricing its 5.61 million shares at $13.50 per share. The stock began trading Thursday on the NYSE under the ticker symbol “ZPIN.” Credit Suisse Securities (USA) and UBS Securities were the lead underwriters.

PRESS RELEASE

BEIJING, June 12, 2014 /PRNewswire/ — Zhaopin Limited (NYSE: ZPIN) (“Zhaopin” or the “Company”), a leading career platform in China, today announced that it has priced its initial public offering of 5,610,000 American depositary shares (“ADSs”), each representing two Class A ordinary shares of the Company, at US$13.50 per ADS for a total offering size of US$75.7 million, assuming the underwriters do not exercise their option to purchase additional ADSs. The ADSs are expected to begin trading on the New York Stock Exchange (“NYSE”) today under the ticker symbol “ZPIN”.
The underwriters have been granted an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 841,500 additional ADSs from the Company at US$13.50 per ADS.
The Company also expects to receive additional net proceeds of approximately US$14.1 million from the issuance of 2,222,222 Class A ordinary shares of the Company at the initial offering price adjusted to reflect the ADS-to-ordinary share ratio to PCV Belge SCS, a vehicle advised by the private equity firm Apax Partners, through a private placement concurrently with, and subject to, the completion of the initial public offering.
Credit Suisse Securities (USA) LLC and UBS Securities LLC acted as joint bookrunners for the offering.
Zhaopin’s registration statement relating to the initial public offering has been filed with, and declared effective by, the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement.
A copy of the prospectus relating to the offering may be obtained by contacting Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, Eleven Madison Avenue, 1B, New York, NY 10010, telephone: 1-800-221-1037 or email: newyork.prospectus@credit-suisse.com; or UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, New York 10171, Telephone: (888) 827-7275.
About Zhaopin Limited
Zhaopin is a leading career platform in China, focusing on connecting users with relevant job opportunities throughout their career lifecycle. The Company’s zhaopin.com website is the most popular career-focused website in China as measured by average daily unique visitors in each month of 2013. Zhaopin is the second largest online recruitment services provider as measured by revenues in 2013. The Company’s over 77 million registered users include diverse and educated job seekers who are at various stages of their careers and are in demand by employers as a result of the general shortage of skilled and educated workers in China. In the nine months ended March 31, 2014, approximately 11.4 million job postings were placed on Zhaopin’s platform by 274,450 employers including multinational corporations, small and medium-sized enterprises and state-owned entities. The quality and quantity of Zhaopin’s users and the resumes in the Company’s database attract an increasing number of customers. This in turn leads to more users turning to Zhaopin as their primary recruitment and career- related services provider, creating strong network effects and significant entry barriers for potential competitors. For more information, please visit http://www.zhaopin.com.

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