The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell the securities and are not soliciting an offer to buy the securities in any jurisdiction where the offer or sale is not permitted.

 Filed Pursuant to Rule 424(b)(5) ​

  Registration No. 333-268834​

SUBJECT TO COMPLETION, DATED JUNE 24, 2025

PRELIMINARY PROSPECTUS SUPPLEMENT
(To Prospectus dated December 16, 2022)

KANZHUN LIMITED

30,000,000 Class A Ordinary Shares

We are offering 30,000,000 Class A ordinary shares, par value US$0.0001 per share, as part of a share offer, which we refer to as the Share Offer, consisting of an international offering of 27,000,000 Class A ordinary shares, or the International Offering, and a Hong Kong public offering of 3,000,000 Class A ordinary shares, or the Hong Kong Public Offering. The public offering price for the International Offering and the Hong Kong Public Offering is HK$      , or approximately US$      , per Class A ordinary share (equivalent to US$      per ADS (as defined below)), based on an exchange rate of HK$      to US$1.00.

Our American depositary shares, or ADSs, are listed on the Nasdaq Global Select Market, or Nasdaq, under the symbol “BZ.” On June 23, 2025, the last reported trading price of our ADSs on Nasdaq was US$17.68 per ADS. Each ADS represents two Class A ordinary shares. Our Class A ordinary shares are listed on the Hong Kong Stock Exchange under the stock code “2076.” On June 23, 2025, the last reported trading price of our Class A ordinary shares on the Hong Kong Stock Exchange was HK$69.00 per Class A ordinary share, or US$17.74 per ADS, based upon an exchange rate of HK$7.7799 to US$1.00.

We will determine the public offering price by reference to, among other factors, the closing price of our ADSs on Nasdaq and the closing price of our Class A ordinary shares on the Hong Kong Stock Exchange, each on the last trading day before the pricing of the Share Offer, which is expected to be on or before July 2, 2025. The maximum public offering price for the Hong Kong Public Offering is HK$78.00, or approximately US$9.94, per Class A ordinary share (equivalent to US$19.87 per ADS), based upon an exchange rate of HK$7.8499 to US$1.00.

The allocation of Class A ordinary shares between the International Offering and the Hong Kong Public Offering is subject to reallocation. For more information, see “Underwriting” beginning on page S-101 of this prospectus supplement. The public offering price in the International Offering may differ from the public offering price in the Hong Kong Public Offering. See “Underwriting — Pricing of the Offering.” The International Offering contemplated herein consists of a U.S. offering and a non-U.S. offering made outside the United States in compliance with applicable law. We are paying a registration fee for Class A ordinary shares sold in the United States, as well as for Class A ordinary shares initially offered and sold outside the United States in the Share Offer that may be resold from time to time into the United States.

Investing in our ADSs and Class A ordinary shares involves risks. See “Risk Factors“ beginning on page S-25 of this prospectus supplement and in any documents incorporated by reference into this prospectus supplement for a discussion of certain risks that should be considered in connection with an investment in our ADSs and Class A ordinary shares.

KANZHUN LIMITED is not a Chinese operating company, but rather a Cayman Islands holding company with no equity ownership in Beijing Huapin Borui Network Technology Co., Ltd., our consolidated affiliated entity or variable interest entity, which we refer to as the VIE. Our Cayman Islands holding company does not conduct business operations directly. We conduct our operations in mainland China through (i) our subsidiaries incorporated in mainland China, which we control through the direct or indirect ownership of their shares, and (ii) the VIE, with which we have contractual arrangements, and the VIE’s subsidiaries in mainland China. Laws and regulations of mainland China impose certain restrictions or prohibitions on foreign ownership of companies that engage in certain value-added telecommunication services, internet audio-visual program services, radio and television program services and certain other businesses. Accordingly, we operate these businesses in mainland China through the VIE and its subsidiaries, and rely on contractual arrangements among our subsidiaries in mainland China, the VIE and its nominee shareholders to direct the activities of the VIE. The VIE is consolidated for accounting purposes, but is not an entity in which our Cayman Islands holding company, or our investors, own equity. Substantially all of our revenues for the years ended December 31, 2022, 2023 and 2024 were contributed by the VIE. As used in this prospectus supplement, “we,” “us,” “our company,” “our,” or “Kanzhun” refers to KANZHUN LIMITED, its subsidiaries, and, in the context of describing our operations and consolidated financial information, the VIE in mainland China. Investors in our ADSs are not purchasing equity interest in the VIE in

The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell the securities and are not soliciting an offer to buy the securities in any jurisdiction where the offer or sale is not permitted.

mainland China, but instead are purchasing equity interest in a holding company incorporated in the Cayman Islands. This VIE structure involves unique risks to investors, and investors may never directly hold equity interests in the Chinese operating companies such as the VIE.

Our corporate structure is subject to risks associated with our contractual arrangements with the VIE. The contractual arrangements may not be as effective as direct ownership in providing us with control over the VIE and we may incur substantial costs to enforce the terms of the arrangements. Uncertainties in the PRC legal system may limit our ability, as a Cayman Islands holding company, to enforce these contractual arrangements. Meanwhile, there are very few precedents as to whether contractual arrangements would be judged to direct the activities of the VIE through the contractual arrangements, or how contractual arrangements in the context of a variable interest entity such as the VIE should be interpreted or enforced by the courts of mainland China. Should legal actions become necessary, we cannot guarantee that the court will rule in favor of the enforceability of the VIE contractual arrangements. In the event we are unable to enforce these contractual arrangements, or if we suffer significant delay or other obstacles in the process of enforcing these contractual arrangements, we may not be able to direct the activities of the VIE, and our ability to conduct our business may be materially adversely affected. There are also substantial uncertainties regarding the interpretation and application of current and future laws of mainland China, regulations and rules regarding the status of the rights of our Cayman Islands holding company with respect to its contractual arrangements with the VIE and its nominee shareholders. It is uncertain whether any new laws or regulations of mainland China relating to variable interest entity structures will be adopted or if adopted, what they would provide. If we or the VIE is found to be in violation of any existing or future laws or regulations of mainland China, or fail to obtain or maintain any of the required permits, approvals, or filings, the PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures. If the PRC government deems that our contractual arrangements with the VIE do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change or are interpreted differently in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. Our Cayman Islands holding company, our subsidiaries in mainland China and the VIE, and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with the VIE and, consequently, significantly affect the financial performance of the VIE and our company as a whole, cause a significant decline in the value of our securities, or even cause such securities to significantly decline or become worthless. Consequently, the VIE structure involves unique risks to investors of our holding company. For a detailed description of the risks associated with our corporate structure, please refer to risks disclosed under “Risk Factors — Risks Relating to our Corporate Structure” in this prospectus supplement.

We face various legal and operational risks and uncertainties related to doing business in China. Our business operations are primarily conducted in mainland China, and we are subject to complex and evolving laws and regulations of mainland China. For example, we face risks associated with regulatory approvals on overseas offerings conducted by and foreign investment in China-based issuers, the use of the VIE, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy. These risks could result in a material adverse change in our operations and the value of our ADSs or Class A ordinary shares, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless. For a detailed description of risks relating to doing business in China, please refer to “Risk Factors — Risks Relating to Doing Business in China” in this prospectus supplement.

Pursuant to the Holding Foreign Companies Accountable Act, or the HFCAA, as amended by the Consolidated Appropriations Act, 2023, if the Securities and Exchange Commission, or the SEC, determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspections by the Public Company Accounting Oversight Board, or the PCAOB, for two consecutive years, the SEC will prohibit our shares or the ADSs from being traded on a national securities exchange or in the over-the-counter trading market in the United States. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. These risks could result in a material adverse change in our operations and the value of our ADSs, significantly limit or hinder our ability to offer or continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, including our auditor. In May 2022, the SEC conclusively listed KANZHUN LIMITED as a Commission-Identified Issuer under the HFCAA following the filing of our Annual Report on Form 20-F for the fiscal year ended December 31, 2021. On December 15, 2022, the PCAOB issued a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. For this reason, we were not identified as a Commission-Identified Issuer under the HFCAA after we filed our Annual Report on Form 20-F for the fiscal year ended December 31, 2022 and do not expect to be identified as such after we file the 2024 Form 20-F. Each year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions. If the PCAOB determines in the future that it no longer has full access to inspect

The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell the securities and are not soliciting an offer to buy the securities in any jurisdiction where the offer or sale is not permitted.

and investigate completely accounting firms in mainland China and Hong Kong and we use an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the Annual Report on Form 20-F for the relevant fiscal year. There can be no assurance that we would not be identified as a Commission-Identified Issuer for any future fiscal year, and if we were so identified for two consecutive years, we would become subject to the prohibition on trading under the HFCAA. See “Risk Factors — Risks Related to Doing Business in China — The PCAOB had historically been unable to inspect our auditor in relation to their audit work performed for our financial statements and the inability of the PCAOB to conduct inspections of our auditor in the past has deprived our investors with the benefits of such inspections,” and “— Our ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate completely auditors located in China. The delisting of the ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.”

KANZHUN LIMITED is a holding company with no material operations of its own. We conduct our operations primarily through our subsidiaries in mainland China and the VIE in mainland China. As a result, KANZHUN LIMITED’s ability to pay dividends depends upon dividends paid by our subsidiaries in mainland China. If our existing subsidiaries in mainland China or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to KANZHUN LIMITED. In addition, our wholly foreign-owned subsidiaries in mainland China are permitted to pay dividends to us only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Furthermore, under the laws of mainland China, each of our subsidiaries in mainland China and the VIE and its subsidiaries is required to make appropriations to certain statutory reserve funds or may make appropriations to certain discretionary funds, which are not distributable as cash dividends except in the event of a solvent liquidation of the companies. For more details, see “Prospectus Supplement Summary — Cash and Asset Flows through Our Organization” in this prospectus supplement.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined that this prospectus supplement or the accompanying prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

PRICE HK$     PER CLASS A ORDINARY SHARE

(1)

Equivalent to US$      per ADS, based upon each ADS representing two Class A ordinary shares and an exchange rate of HK$7.8499 to US$1.00 being the middle exchange rate set by the People’s Bank of China prevailing on June 18, 2025.

​

(2)

See “Underwriting” beginning on page S-101 of this prospectus supplement for additional information regarding total underwriting compensation.

​

(3)

Includes estimated net proceeds of HK$      from the sale of 3,000,000 Class A ordinary shares in the Hong Kong Public Offering.

​

The underwriters expect to deliver the Class A ordinary shares against payment therefor through the facilities of the Central Clearing and Settlement System on or around                 , 2025.

The date of this prospectus supplement is                 , 2025.

 

TABLE OF CONTENTS

Prospectus Supplement

Prospectus

You should rely only on the information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus. We and the underwriters have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. Neither we nor any of the underwriters is making an offer to sell the securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus supplement, the

 

S-i

 

accompanying prospectus and the documents incorporated by reference is accurate only as of each of their respective dates. Our business, financial condition, results of operations and prospects may have changed since those dates. Neither this prospectus supplement nor the accompanying prospectus constitutes an offer, or an invitation on our or the underwriters’ behalf, to subscribe for and purchase any of the Class A ordinary shares and may not be used for or in connection with an offer or solicitation by anyone, in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.

 

S-ii

 

ABOUT THIS PROSPECTUS SUPPLEMENT

This document consists of two parts. The first part is this prospectus supplement, which describes the specific terms of the Share Offer and other matters relating to us and our financial condition. The second part, the base prospectus, presents more general information about this offering. The base prospectus was included in the registration statement on Form F-3 (File No. 333-268834) that we filed with the SEC on December 16, 2022 and has been updated since that time with additional information that is incorporated by reference. Generally, when we refer only to the “prospectus,” we are referring to both parts combined, and when we refer to the “accompanying prospectus,” we are referring to the base prospectus as updated through incorporation by reference.

If information in this prospectus supplement differs from information in the accompanying prospectus, you should rely on the information in this prospectus supplement.

Other than the Hong Kong Public Offering, no action is being taken in any jurisdiction outside the United States to permit a public offering of the Class A ordinary shares, and no action is being taken in any jurisdiction outside the United States to permit the possession or distribution of this prospectus supplement or the accompanying prospectus in that jurisdiction. Persons who come into possession of this prospectus supplement or the accompanying prospectus in jurisdictions outside the United States are required to inform themselves about and to observe any restrictions as to the Share Offer (as described in the prospectus supplement under the caption “Underwriting”) and the distribution of this prospectus supplement and the accompanying prospectus applicable to that jurisdiction.

You should not consider any information in this prospectus supplement or the accompanying prospectus to be investment, legal or tax advice. You should consult your own counsel, accountants and other advisors for legal, tax, business, financial and related advice regarding the purchase of any of the securities offered by this prospectus supplement.

In this prospectus supplement, unless otherwise indicated or unless the context otherwise requires:

•

“ADSs” refer to our American depositary shares, each of which represents two Class A ordinary shares;

​

•

“HK$” and “Hong Kong dollars” are to the legal currency of Hong Kong;

​

•

“Hong Kong Listing Rules” are to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended, supplemented or otherwise modified from time to time;

​

•

“Hong Kong Stock Exchange” refers to the Stock Exchange of Hong Kong Limited;

​

•

“Kanzhun,” “we,” “us,” “our company” and “our” are to KANZHUN LIMITED, our Cayman Islands holding company and its subsidiaries, and in the context of describing our operations and consolidated financial information, the VIE in mainland China and the VIE’s subsidiaries;

​

•

“RMB” and “Renminbi” are to the legal currency of mainland China;

​

•

“shares” or “ordinary shares” are to our Class A and Class B ordinary shares, par value US$0.0001 per share;

​

•

“US$” and “U.S. dollars” are to the legal currency of the United States;

​

•

“the VIE” are to Beijing Huapin Borui Network Technology Co., Ltd.; and

​

•

“our WFOE” and “the WFOE” are to Beijing Glorywolf Co., Ltd. from May 2014 to December 2023 and Beijing Highland Wolf Technology Co., Ltd. from January 2024 onwards.

​

Our reporting currency is the RMB. This prospectus also contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of offering data in relation to the Hong Kong Public Offering and International Offering (including listing expenses and net proceeds) from RMB to U.S. dollars in this prospectus supplement are made at a rate of RMB7.1761 to US$1.00, and all translations from Hong Kong dollars into U.S. dollars in this prospectus supplement are made at HK$7.8499 to US$1.00, in each case, being the middle exchange rate set by the People’s Bank of China prevailing on June 18, 2025. All other translations from RMB to U.S. dollars in this prospectus

 

S-1

 

supplement are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. We make no representation that the RMB or U.S. dollars amounts referred to in this prospectus could have been or could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Due to rounding, numbers presented throughout this prospectus may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

 

S-2

 

WHERE YOU CAN FIND MORE INFORMATION

We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and, in accordance with the Exchange Act, we file annual reports and other information with the SEC. Information we file with the SEC can be obtained over the internet at the SEC’s website at www.sec.gov.

This prospectus supplement is part of a registration statement that we filed with the SEC, using a “shelf” registration process under the Securities Act of 1933, as amended, or the Securities Act, relating to the securities to be offered. This prospectus supplement does not contain all of the information set forth in the registration statement, certain parts of which are omitted in accordance with the rules and regulations of the SEC. For further information with respect to KANZHUN LIMITED and the securities, see the registration statement and the prospectus contained therein. The registration statement, including the exhibits thereto, may be inspected on the SEC’s website.

 

S-3

 

INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

The SEC allows us to “incorporate by reference” the information we file with or submit to the SEC, which means that we can disclose important information to you by referring you to those documents that are considered part of the accompanying prospectus. Information that we file with or submit to the SEC in the future and incorporate by reference will automatically update and supersede the previously filed information. See “Incorporation of Certain Documents by Reference” in the accompanying prospectus for more information. All of the documents incorporated by reference are available at www.sec.gov under KANZHUN LIMITED, CIK number 0001842827.

We incorporate by reference into this prospectus supplement the following documents:

•

our annual report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on April 10, 2025;

​

•

any future annual reports on Form 20-F filed with the SEC after the date of this prospectus supplement and prior to the termination of the offering of the securities offered hereby;

​

•

the description of our securities contained in our registration statement on Form 8-A filed with the SEC on June 4, 2021, and any amendments or reports filed for the purpose of updating such description, including Exhibit 2.4 to our annual report on Form 20-F for the fiscal year ended December 31, 2024, filed with the SEC on April 10, 2025;

​

•

our current report on Form 6-K furnished to the SEC on June 24, 2025 (including all exhibits thereto), or the Super 6-K;

​

•

any future current reports on Form 6-K that we furnish to the SEC after the date of this prospectus supplement that are identified in such reports as being incorporated by reference in the registration statement of which this prospectus supplement forms a part.

​

As you read the documents incorporated by reference, you may find inconsistencies in information from one document to another. If you find inconsistencies, you should rely on the statements made in the most recent document.

Copies of all documents incorporated by reference in this prospectus supplement, other than exhibits to those documents unless such exhibits are specially incorporated by reference in this prospectus supplement, will be provided at no cost to each person, including any beneficial owner, who receives a copy of this prospectus supplement on the written or oral request of that person made to:

KANZHUN LIMITED
21/F, GrandyVic Building
Taiyanggong Middle Road
Chaoyang District, Beijing 100020
People’s Republic of China
Attention: Investor Relations

 

S-4

 

FORWARD-LOOKING STATEMENTS

This prospectus supplement, the accompanying prospectus and the documents incorporated by reference therein may contain statements that constitute forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Many of the forward-looking statements contained in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference therein can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others.

Forward-looking statements appear in a number of places in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference therein, and include, but are not limited to, statements regarding our intent, belief or expectations as of the dates the statements were made. Forward-looking statements are based on our management’s beliefs and assumptions and on information available to our management on the dates on which such statements were made. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section entitled “Risk Factors” in this prospectus supplement. These risks and uncertainties include factors relating to:

•

our mission, goals and strategies;

​

•

our future business development, financial condition and results of operations;

​

•

the expected growth of the online recruitment service industry in China;

​

•

our expectations regarding the prospects of our business model and demand for and market acceptance of our services;

​

•

our expectations regarding maintaining and strengthening our relationships with users, business partners and other stakeholders;

​

•

competition in our industry;

​

•

government policies and regulations relating to our industry;

​

•

general economic and business conditions globally and in China;

​

•

assumptions underlying or related to any of the foregoing; and

​

•

the outcome of any current and future litigation or legal or administrative proceedings.

​

The forward-looking statements included in this prospectus supplement, in the accompanying prospectus and in the documents incorporated by reference therein are subject to risks, uncertainties and assumptions about our company. Our actual results of operations may differ materially from the forward-looking statements as a result of the risk factors disclosed in this prospectus supplement, in the accompanying prospectus and in the documents incorporated by reference therein.

We would like to caution you not to place undue reliance on these forward-looking statements. You should read these statements in conjunction with the risk factors disclosed herein, in the accompanying prospectus and in the documents incorporated by reference therein for a more complete discussion of the risks of an investment in our securities. We operate in a rapidly evolving environment. New risks emerge from time to time and it is impossible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.

 

S-5

 

S-6

 

​

S-7

 

​

S-8

 

S-9

 

S-10

 

​

S-11

 

S-12

 

S-13

 

S-14

 

​	​	​	Tax calculation(1)				​
Hypothetical pre-tax earnings(2)	​	​	​	​	100.0%	​	​
Tax on earnings at statutory rate of 25%(3)	​	​	​	​	(25.0)%	​	​
Net earnings available for distribution	​	​	​	​	75.0%	​	​
Withholding tax at standard rate of 10%(4)	​	​	​	​	(7.5)%	​	​
Net distribution to Parent/Shareholders	​	​	​	​	67.5%	​	​

​

S-15

 

​

​

​

For the Year Ended December 31, 2024

​

​

​

​

KANZHUN LIMITED

​

​

Other Subsidiaries

​

​

Primary Beneficiary of VIE

​

​

VIE and VIE’s Subsidiaries

​

​

Eliminations

​

​

Consolidated Total

​

​

​

​

(in RMB thousands)

​

Third-party revenues

​

​

​

​

—

​

​

​

​

​

467,501

​

​

​

​

​

—

​

​

​

​

​

6,888,176

​

​

​

​

​

—

​

​

​

​

​

7,355,677

​

​

Inter-company revenues(1)

​

​

​

​

—

​

​

​

​

​

293,350

​

​

​

​

​

406,464

​

​

​

​

​

163,324

​

​

​

​

​

(863,138)

​

​

​

​

​

—

​

​

Third-party operating cost and expenses

​

​

​

​

(89,778)

​

​

​

​

​

(957,710)

​

​

​

​

​

(275,973)

​

​

​

​

​

(4,899,061)

​

​

​

​

​

—

​

​

​

​

​

(6,222,522)

​

​

Inter-company operating cost and expenses(1)

​

​

​

​

(778)

​

​

​

​

​

(163,325)

​

​

​

​

​

—

​

​

​

​

​

(699,035)

​

​

​

​

​

863,138

​

​

​

​

​

—

​

​

Other operating (expenses)/​income, net

​

​

​

​

(214)

​

​

​

​

​

6,967

​

​

​

​

​

586

​

​

​

​

​

32,452

​

​

​

​

​

—

​

​

​

​

​

39,791

​

​

(Loss)/Income from operations

​

​

​

​

(90,770)

​

​

​

​

​

(353,217)

​

​

​

​

​

131,077

​

​

​

​

​

1,485,856

​

​

​

​

​

—

​

​

​

​

​

1,172,946

​

​

Other non-operating income, net

​

​

​

​

273,166

​

​

​

​

​

285,650

​

​

​

​

​

233

​

​

​

​

​

102,935

​

​

​

​

​

(2,270)

​

​

​

​

​

659,714

​

​

Share of income of subsidiaries and VIE(2)

​

​

​

​

1,402,268

​

​

​

​

​

1,468,947

​

​

​

​

​

1,368,435

​

​

​

​

​

—

​

​

​

​

​

(4,239,650)

​

​

​

​

​

—

​

​

Income before income tax expenses

​

​

​

​

1,584,664

​

​

​

​

​

1,401,380

​

​

​

​

​

1,499,745

​

​

​

​

​

1,588,791

​

​

​

​

​

(4,241,920)

​

​

​

​

​

1,832,660

​

​

Income tax expenses

​

​

​

​

—

​

​

​

​

​

(14,368)

​

​

​

​

​

(30,798)

​

​

​

​

​

(220,468)

​

​

​

​

​

—

​

​

​

​

​

(265,634)

​

​

Net income

​

​

​

​

1,584,664

​

​

​

​

​

1,387,012

​

​

​

​

​

1,468,947

​

​

​

​

​

1,368,323

​

​

​

​

​

(4,241,920)

​

​

​

​

​

1,567,026

​

​

S-16

 

​

​

​

For the Year Ended December 31, 2023

​

​

​

​

KANZHUN LIMITED

​

​

Other Subsidiaries

​

​

Primary Beneficiary of VIE

​

​

VIE and VIE’s Subsidiaries

​

​

Eliminations

​

​

Consolidated Total

​

​

​

​

(in RMB thousands)

​

Third-party revenues

​

​

​

​

—

​

​

​

​

​

129,127

​

​

​

​

​

—

​

​

​

​

​

5,822,901

​

​

​

​

​

—

​

​

​

​

​

5,952,028

​

​

Inter-company revenues(1)

​

​

​

​

—

​

​

​

​

​

62,780

​

​

​

​

​

—

​

​

​

​

​

44,982

​

​

​

​

​

(107,762)

​

​

​

​

​

—

​

​

Third-party operating cost and expenses

​

​

​

​

(62,291)

​

​

​

​

​

(251,034)

​

​

​

​

​

(2,241)

​

​

​

​

​

(5,090,876)

​

​

​

​

​

—

​

​

​

​

​

(5,406,442)

​

​

Inter-company operating cost and expenses(1)

​

​

​

​

—

​

​

​

​

​

(44,982)

​

​

​

​

​

—

​

​

​

​

​

(62,780)

​

​

​

​

​

107,762

​

​

​

​

​

—

​

​

Other operating income, net

​

​

​

​

—

​

​

​

​

​

812

​

​

​

​

​

231

​

​

​

​

​

34,342

​

​

​

​

​

—

​

​

​

​

​

35,385

​

​

(Loss)/Income from operations

​

​

​

​

(62,291)

​

​

​

​

​

(103,297)

​

​

​

​

​

(2,010)

​

​

​

​

​

748,569

​

​

​

​

​

—

​

​

​

​

​

580,971

​

​

Other non-operating income, net

​

​

​

​

268,481

​

​

​

​

​

289,739

​

​

​

​

​

13,383

​

​

​

​

​

71,007

​

​

​

​

​

(1,792)

​

​

​

​

​

640,818

​

​

Share of income of subsidiaries and VIE(2)

​

​

​

​

893,037

​

​

​

​

​

708,013

​

​

​

​

​

697,047

​

​

​

​

​

—

​

​

​

​

​

(2,298,097)

​

​

​

​

​

—

​

​

Income before income tax expenses

​

​

​

​

1,099,227

​

​

​

​

​

894,455

​

​

​

​

​

708,420

​

​

​

​

​

819,576

​

​

​

​

​

(2,299,889)

​

​

​

​

​

1,221,789

​

​

Income tax benefit/(expenses)

​

​

​

​

—

​

​

​

​

​

374

​

​

​

​

​

(407)

​

​

​

​

​

(122,538)

​

​

​

​

​

—

​

​

​

​

​

(122,571)

​

​

Net income

​

​

​

​

1,099,227

​

​

​

​

​

894,829

​

​

​

​

​

708,013

​

​

​

​

​

697,038

​

​

​

​

​

(2,299,889)

​

​

​

​

​

1,099,218

​

​

​

​

​

For the Year Ended December 31, 2022

​

​

​

​

KANZHUN LIMITED

​

​

Other Subsidiaries

​

​

Primary Beneficiary of VIE

​

​

VIE and VIE’s Subsidiaries

​

​

Eliminations

​

​

Consolidated Total

​

​

​

​

(in RMB thousands)

​

Third-party revenues

​

​

​

​

—

​

​

​

​

​

12,931

​

​

​

​

​

—

​

​

​

​

​

4,498,131

​

​

​

​

​

—

​

​

​

​

​

4,511,062

​

​

Inter-company revenues(1)

​

​

​

​

—

​

​

​

​

​

33,956

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(33,956)

​

​

​

​

​

—

​

​

Third-party operating cost and expenses

​

​

​

​

(79,956)

​

​

​

​

​

(188,218)

​

​

​

​

​

(2,020)

​

​

​

​

​

(4,387,982)

​

​

​

​

​

—

​

​

​

​

​

(4,658,176)

​

​

Inter-company operating cost and expenses(1)

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(33,956)

​

​

​

​

​

33,956

​

​

​

​

​

—

​

​

Other operating (expenses)/​income, net

​

​

​

​

—

​

​

​

​

​

(656)

​

​

​

​

​

—

​

​

​

​

​

18,251

​

​

​

​

​

—

​

​

​

​

​

17,595

​

​

(Loss)/Income from operations

​

​

​

​

(79,956)

​

​

​

​

​

(141,987)

​

​

​

​

​

(2,020)

​

​

​

​

​

94,444

​

​

​

​

​

—

​

​

​

​

​

(129,519)

​

​

Other non-operating income, net

​

​

​

​

188,421

​

​

​

​

​

14,683

​

​

​

​

​

13,945

​

​

​

​

​

32,706

​

​

​

​

​

(3,240)

​

​

​

​

​

246,515

​

​

Share of (loss)/income of subsidiaries and VIE(2)

​

​

​

​

(1,220)

​

​

​

​

​

132,486

​

​

​

​

​

117,298

​

​

​

​

​

—

​

​

​

​

​

(248,564)

​

​

​

​

​

—

​

​

Income before income tax expenses

​

​

​

​

107,245

​

​

​

​

​

5,182

​

​

​

​

​

129,223

​

​

​

​

​

127,150

​

​

​

​

​

(251,804)

​

​

​

​

​

116,996

​

​

Income tax benefit/(expenses)

​

​

​

​

—

​

​

​

​

​

101

​

​

​

​

​

—

​

​

​

​

​

(9,852)

​

​

​

​

​

—

​

​

​

​

​

(9,751)

​

​

Net income

​

​

​

​

107,245

​

​

​

​

​

5,283

​

​

​

​

​

129,223

​

​

​

​

​

117,298

​

​

​

​

​

(251,804)

​

​

​

​

​

107,245

​

​

S-17

 

​

​

​

As of December 31, 2024

​

​

​

​

KANZHUN LIMITED

​

​

Other Subsidiaries

​

​

Primary Beneficiary of VIE

​

​

VIE and VIE’s Subsidiaries

​

​

Eliminations

​

​

Consolidated Total

​

​

​

​

(in RMB thousands)

​

Cash and cash equivalents

​

​

​

​

93,851

​

​

​

​

​

894,983

​

​

​

​

​

150,072

​

​

​

​

​

1,414,184

​

​

​

​

​

—

​

​

​

​

​

2,553,090

​

​

Short-term time deposits

​

​

​

​

738,831

​

​

​

​

​

4,749,800

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

5,488,631

​

​

Short-term investments

​

​

​

​

1,999,870

​

​

​

​

​

193,537

​

​

​

​

​

—

​

​

​

​

​

4,445,982

​

​

​

​

​

—

​

​

​

​

​

6,639,389

​

​

Accounts and notes receivable, net

​

​

​

​

—

​

​

​

​

​

15,725

​

​

​

​

​

—

​

​

​

​

​

24,988

​

​

​

​

​

—

​

​

​

​

​

40,713

​

​

Inventories

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

3,042

​

​

​

​

​

—

​

​

​

​

​

3,042

​

​

Amounts due from Group companies(3)

​

​

​

​

5,962,934

​

​

​

​

​

184,573

​

​

​

​

​

68,320

​

​

​

​

​

379,885

​

​

​

​

​

(6,595,712)

​

​

​

​

​

—

​

​

Amounts due from related parties

​

​

​

​

—

​

​

​

​

​

673

​

​

​

​

​

—

​

​

​

​

​

6,585

​

​

​

​

​

—

​

​

​

​

​

7,258

​

​

Prepayments and other current assets

​

​

​

​

45,682

​

​

​

​

​

42,408

​

​

​

​

​

3,234

​

​

​

​

​

276,936

​

​

​

​

​

—

​

​

​

​

​

368,260

​

​

Investments in subsidiaries and VIE(2)

​

​

​

​

4,679,986

​

​

​

​

​

4,847,059

​

​

​

​

​

4,671,300

​

​

​

​

​

—

​

​

​

​

​

(14,198,345)

​

​

​

​

​

—

​

​

Long-term investments

​

​

​

​

1,607,361

​

​

​

​

​

54,677

​

​

​

​

​

—

​

​

​

​

​

252,492

​

​

​

​

​

—

​

​

​

​

​

1,914,530

​

​

Property, equipment and software, net

​

​

​

​

—

​

​

​

​

​

189,071

​

​

​

​

​

75,564

​

​

​

​

​

1,469,151

​

​

​

​

​

—

​

​

​

​

​

1,733,786

​

​

Right-of-use assets, net

​

​

​

​

—

​

​

​

​

​

83,150

​

​

​

​

​

11,871

​

​

​

​

​

207,835

​

​

​

​

​

—

​

​

​

​

​

302,856

​

​

Intangible assets, net

​

​

​

​

—

​

​

​

​

​

252,400

​

​

​

​

​

—

​

​

​

​

​

189

​

​

​

​

​

—

​

​

​

​

​

252,589

​

​

Goodwill

​

​

​

​

—

​

​

​

​

​

6,528

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

6,528

​

​

Total assets

​

​

​

​

15,128,515

​

​

​

​

​

11,514,584

​

​

​

​

​

4,980,361

​

​

​

​

​

8,481,269

​

​

​

​

​

(20,794,057)

​

​

​

​

​

19,310,672

​

​

Accounts payable

​

​

​

​

—

​

​

​

​

​

8,583

​

​

​

​

​

30,393

​

​

​

​

​

71,692

​

​

​

​

​

—

​

​

​

​

​

110,668

​

​

Deferred revenue

​

​

​

​

—

​

​

​

​

​

294,059

​

​

​

​

​

—

​

​

​

​

​

2,790,780

​

​

​

​

​

—

​

​

​

​

​

3,084,839

​

​

Other payables and accrued liabilities

​

​

​

​

97,012

​

​

​

​

​

151,706

​

​

​

​

​

74,017

​

​

​

​

​

493,032

​

​

​

​

​

—

​

​

​

​

​

815,767

​

​

Amounts due to Group companies(3)

​

​

​

​

164,132

​

​

​

​

​

6,197,373

​

​

​

​

​

6,072

​

​

​

​

​

228,135

​

​

​

​

​

(6,595,712)

​

​

​

​

​

—

​

​

Operating lease liabilities, current

​

​

​

​

—

​

​

​

​

​

27,789

​

​

​

​

​

9,405

​

​

​

​

​

143,588

​

​

​

​

​

—

​

​

​

​

​

180,782

​

​

Operating lease liabilities, non-current

​

​

​

​

—

​

​

​

​

​

58,063

​

​

​

​

​

2,280

​

​

​

​

​

61,002

​

​

​

​

​

—

​

​

​

​

​

121,345

​

​

Deferred tax liabilities

​

​

​

​

—

​

​

​

​

​

1,455

​

​

​

​

​

11,135

​

​

​

​

​

21,861

​

​

​

​

​

—

​

​

​

​

​

34,451

​

​

Total liabilities

​

​

​

​

261,144

​

​

​

​

​

6,739,028

​

​

​

​

​

133,302

​

​

​

​

​

3,810,090

​

​

​

​

​

(6,595,712)

​

​

​

​

​

4,347,852

​

​

Total shareholders’ equity(2)

​

​

​

​

14,867,371

​

​

​

​

​

4,775,556

​

​

​

​

​

4,847,059

​

​

​

​

​

4,671,179

​

​

​

​

​

(14,198,345)

​

​

​

​

​

14,962,820

​

​

Total liabilities and shareholders’ equity

​

​

​

​

15,128,515

​

​

​

​

​

11,514,584

​

​

​

​

​

4,980,361

​

​

​

​

​

8,481,269

​

​

​

​

​

(20,794,057)

​

​

​

​

​

19,310,672

​

​

S-18

 

​

​

​

As of December 31, 2023

​

​

​

​

KANZHUN LIMITED

​

​

Other Subsidiaries

​

​

Primary Beneficiary of VIE

​

​

VIE and VIE’s Subsidiaries

​

​

Eliminations

​

​

Consolidated Total

​

​

​

​

(in RMB thousands)

​

Cash and cash equivalents

​

​

​

​

760,071

​

​

​

​

​

219,045

​

​

​

​

​

349,875

​

​

​

​

​

1,143,968

​

​

​

​

​

—

​

​

​

​

​

2,472,959

​

​

Short-term time deposits

​

​

​

​

710,330

​

​

​

​

​

5,928,093

​

​

​

​

​

72,938

​

​

​

​

​

211,442

​

​

​

​

​

—

​

​

​

​

​

6,922,803

​

​

Short-term investments

​

​

​

​

731,805

​

​

​

​

​

91,634

​

​

​

​

​

10,483

​

​

​

​

​

2,679,963

​

​

​

​

​

—

​

​

​

​

​

3,513,885

​

​

Accounts receivable, net

​

​

​

​

—

​

​

​

​

​

13,036

​

​

​

​

​

—

​

​

​

​

​

3,691

​

​

​

​

​

—

​

​

​

​

​

16,727

​

​

Amounts due from Group companies(3)

​

​

​

​

6,952,437

​

​

​

​

​

68,702

​

​

​

​

​

11,369

​

​

​

​

​

200,970

​

​

​

​

​

(7,233,478)

​

​

​

​

​

—

​

​

Amounts due from related parties

​

​

​

​

—

​

​

​

​

​

29

​

​

​

​

​

—

​

​

​

​

​

3,937

​

​

​

​

​

—

​

​

​

​

​

3,966

​

​

Prepayments and other current assets

​

​

​

​

18,528

​

​

​

​

​

6,075

​

​

​

​

​

2,408

​

​

​

​

​

415,686

​

​

​

​

​

—

​

​

​

​

​

442,697

​

​

Investments in subsidiaries and VIE(2)

​

​

​

​

2,179,517

​

​

​

​

​

2,888,791

​

​

​

​

​

2,479,473

​

​

​

​

​

—

​

​

​

​

​

(7,547,781)

​

​

​

​

​

—

​

​

Long-term investments

​

​

​

​

2,323,540

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

149,588

​

​

​

​

​

—

​

​

​

​

​

2,473,128

​

​

Property, equipment and software, net

​

​

​

​

—

​

​

​

​

​

132,263

​

​

​

​

​

93

​

​

​

​

​

1,661,132

​

​

​

​

​

—

​

​

​

​

​

1,793,488

​

​

Right-of-use assets, net

​

​

​

​

—

​

​

​

​

​

22,556

​

​

​

​

​

—

​

​

​

​

​

260,056

​

​

​

​

​

—

​

​

​

​

​

282,612

​

​

Intangible assets, net

​

​

​

​

—

​

​

​

​

​

7,816

​

​

​

​

​

—

​

​

​

​

​

277

​

​

​

​

​

—

​

​

​

​

​

8,093

​

​

Goodwill

​

​

​

​

—

​

​

​

​

​

5,690

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

5,690

​

​

Other non-current assets

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

4,000

​

​

​

​

​

—

​

​

​

​

​

4,000

​

​

Total assets

​

​

​

​

13,676,228

​

​

​

​

​

9,383,730

​

​

​

​

​

2,926,639

​

​

​

​

​

6,734,710

​

​

​

​

​

(14,781,259)

​

​

​

​

​

17,940,048

​

​

Accounts payable

​

​

​

​

—

​

​

​

​

​

554

​

​

​

​

​

17

​

​

​

​

​

628,645

​

​

​

​

​

—

​

​

​

​

​

629,216

​

​

Deferred revenue

​

​

​

​

—

​

​

​

​

​

144,493

​

​

​

​

​

—

​

​

​

​

​

2,649,582

​

​

​

​

​

—

​

​

​

​

​

2,794,075

​

​

Other payables and accrued liabilities

​

​

​

​

115,280

​

​

​

​

​

39,798

​

​

​

​

​

587

​

​

​

​

​

623,381

​

​

​

​

​

—

​

​

​

​

​

779,046

​

​

Amounts due to Group companies(3)

​

​

​

​

131,746

​

​

​

​

​

6,995,928

​

​

​

​

​

36,838

​

​

​

​

​

68,966

​

​

​

​

​

(7,233,478)

​

​

​

​

​

—

​

​

Operating lease liabilities, current

​

​

​

​

—

​

​

​

​

​

8,912

​

​

​

​

​

—

​

​

​

​

​

146,102

​

​

​

​

​

—

​

​

​

​

​

155,014

​

​

Operating lease liabilities, non-current

​

​

​

​

—

​

​

​

​

​

12,964

​

​

​

​

​

—

​

​

​

​

​

112,115

​

​

​

​

​

—

​

​

​

​

​

125,079

​

​

Deferred tax liabilities

​

​

​

​

—

​

​

​

​

​

1,564

​

​

​

​

​

406

​

​

​

​

​

26,455

​

​

​

​

​

—

​

​

​

​

​

28,425

​

​

Total liabilities

​

​

​

​

247,026

​

​

​

​

​

7,204,213

​

​

​

​

​

37,848

​

​

​

​

​

4,255,246

​

​

​

​

​

(7,233,478)

​

​

​

​

​

4,510,855

​

​

Total shareholders’ equity(2)

​

​

​

​

13,429,202

​

​

​

​

​

2,179,517

​

​

​

​

​

2,888,791

​

​

​

​

​

2,479,464

​

​

​

​

​

(7,547,781)

​

​

​

​

​

13,429,193

​

​

Total liabilities and shareholders’ equity

​

​

​

​

13,676,228

​

​

​

​

​

9,383,730

​

​

​

​

​

2,926,639

​

​

​

​

​

6,734,710

​

​

​

​

​

(14,781,259)

​

​

​

​

​

17,940,048

​

​

S-19

 

​

​

​

For the Year Ended December 31, 2024

​

​

​

​

KANZHUN LIMITED

​

​

Other Subsidiaries

​

​

Primary Beneficiary of VIE

​

​

VIE and VIE’s Subsidiaries

​

​

Eliminations

​

​

Consolidated Total

​

​

​

​

(in RMB thousands)

​

Net cash (used in)/provided by operating activities with third parties

​

​

​

​

(212,945)

​

​

​

​

​

617,281

​

​

​

​

​

(173,610)

​

​

​

​

​

3,311,769

​

​

​

​

​

—

​

​

​

​

​

3,542,495

​

​

Net cash provided by/(used in) operating activities with Group companies(1)

​

​

​

​

—

​

​

​

​

​

192,785

​

​

​

​

​

371,932

​

​

​

​

​

(564,717)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Net cash (used in)/provided by operating activities

​

​

​

​

(212,945)

​

​

​

​

​

810,066

​

​

​

​

​

198,322

​

​

​

​

​

2,747,052

​

​

​

​

​

—

​

​

​

​

​

3,542,495

​

​

Loans to Group companies(3)

​

​

​

​

(249,766)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

249,766

​

​

​

​

​

—

​

​

Proceeds from repayments of loans to Group companies(3)

​

​

​

​

1,749,243

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(1,749,243)

​

​

​

​

​

—

​

​

Intercompany transfer of property, equipment and software(4)

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(45,961)

​

​

​

​

​

45,961

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Intercompany transfer of investments in subsidiaries and VIE(4)

​

​

​

​

—

​

​

​

​

​

9,968

​

​

​

​

​

(3,010)

​

​

​

​

​

(6,958)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Other investing activities with third parties

​

​

​

​

(505,171)

​

​

​

​

​

1,004,106

​

​

​

​

​

5

​

​

​

​

​

(2,515,839)

​

​

​

​

​

—

​

​

​

​

​

(2,016,899)

​

​

Net cash provided by/(used in) investing activities

​

​

​

​

994,306

​

​

​

​

​

1,014,074

​

​

​

​

​

(48,966)

​

​

​

​

​

(2,476,836)

​

​

​

​

​

(1,499,477)

​

​

​

​

​

(2,016,899)

​

​

Loans from Group companies(3)

​

​

​

​

—

​

​

​

​

​

249,766

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(249,766)

​

​

​

​

​

—

​

​

Repayments of loans from Group companies(3)

​

​

​

​

—

​

​

​

​

​

(1,749,243)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

1,749,243

​

​

​

​

​

—

​

​

Other financing activities with third parties

​

​

​

​

(1,460,539)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(1,460,539)

​

​

Net cash used in financing activities

​

​

​

​

(1,460,539)

​

​

​

​

​

(1,499,477)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

1,499,477

​

​

​

​

​

(1,460,539)

​

​

S-20

 

​

​

​

For the Year Ended December 31, 2023

​

​

​

​

KANZHUN LIMITED

​

​

Other Subsidiaries

​

​

Primary Beneficiary of VIE

​

​

VIE and VIE’s Subsidiaries

​

​

Eliminations

​

​

Consolidated Total

​

​

​

​

(in RMB thousands)

​

Net cash provided by operating activities with third parties

​

​

​

​

9,873

​

​

​

​

​

300,164

​

​

​

​

​

13,210

​

​

​

​

​

2,723,762

​

​

​

​

​

—

​

​

​

​

​

3,047,009

​

​

Net cash provided by/(used in) operating activities with Group companies(1)

​

​

​

​

—

​

​

​

​

​

5,853

​

​

​

​

​

—

​

​

​

​

​

(5,853)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Net cash provided by operating activities

​

​

​

​

9,873

​

​

​

​

​

306,017

​

​

​

​

​

13,210

​

​

​

​

​

2,717,909

​

​

​

​

​

—

​

​

​

​

​

3,047,009

​

​

Investments in subsidiaries(2)

​

​

​

​

(7,073)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

7,073

​

​

​

​

​

—

​

​

Loans to Group companies(3)

​

​

​

​

(9,667,616)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(6,250)

​

​

​

​

​

9,673,866

​

​

​

​

​

—

​

​

Proceeds from repayments of loans to Group companies(3)

​

​

​

​

4,955,876

​

​

​

​

​

—

​

​

​

​

​

4,450

​

​

​

​

​

—

​

​

​

​

​

(4,960,326)

​

​

​

​

​

—

​

​

Other investing activities with third parties

​

​

​

​

(2,311,881)

​

​

​

​

​

(5,054,055)

​

​

​

​

​

15,225

​

​

​

​

​

(2,587,934)

​

​

​

​

​

—

​

​

​

​

​

(9,938,645)

​

​

Net cash (used in)/provided by investing activities

​

​

​

​

(7,030,694)

​

​

​

​

​

(5,054,055)

​

​

​

​

​

19,675

​

​

​

​

​

(2,594,184)

​

​

​

​

​

4,720,613

​

​

​

​

​

(9,938,645)

​

​

Capital contribution from Group companies(2)

​

​

​

​

—

​

​

​

​

​

7,073

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(7,073)

​

​

​

​

​

—

​

​

Loans from Group companies(3)

​

​

​

​

—

​

​

​

​

​

9,673,866

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(9,673,866)

​

​

​

​

​

—

​

​

Repayments of loans from Group companies(3)

​

​

​

​

—

​

​

​

​

​

(4,960,326)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

4,960,326

​

​

​

​

​

—

​

​

Other financing activities with third parties

​

​

​

​

(417,022)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(417,022)

​

​

Net cash (used in)/provided by financing activities

​

​

​

​

(417,022)

​

​

​

​

​

4,720,613

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(4,720,613)

​

​

​

​

​

(417,022)

​

​

S-21

 

​

​

​

For the Year Ended December 31, 2022

​

​

​

​

KANZHUN LIMITED

​

​

Other Subsidiaries

​

​

Primary Beneficiary of VIE

​

​

VIE and VIE’s Subsidiaries

​

​

Eliminations

​

​

Consolidated Total

​

​

​

​

(in RMB thousands)

​

Net cash provided by/(used in) operating activities with third parties

​

​

​

​

208,862

​

​

​

​

​

(113,736)

​

​

​

​

​

(6,833)

​

​

​

​

​

914,749

​

​

​

​

​

—

​

​

​

​

​

1,003,042

​

​

Net cash provided by/(used in) operating activities with Group companies(1)

​

​

​

​

—

​

​

​

​

​

21,671

​

​

​

​

​

—

​

​

​

​

​

(21,671)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

Net cash provided by/(used in) operating activities

​

​

​

​

208,862

​

​

​

​

​

(92,065)

​

​

​

​

​

(6,833)

​

​

​

​

​

893,078

​

​

​

​

​

—

​

​

​

​

​

1,003,042

​

​

Investments in subsidiaries(2)

​

​

​

​

(39,392)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

39,392

​

​

​

​

​

—

​

​

Loans to Group companies(3)

​

​

​

​

(633,490)

​

​

​

​

​

—

​

​

​

​

​

(4,450)

​

​

​

​

​

—

​

​

​

​

​

637,940

​

​

​

​

​

—

​

​

Proceeds from repayments of loans to Group companies(3)

​

​

​

​

—

​

​

​

​

​

35,144

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(35,144)

​

​

​

​

​

—

​

​

Other investing activities with third parties

​

​

​

​

(1,365,740)

​

​

​

​

​

(673,476)

​

​

​

​

​

(74,823)

​

​

​

​

​

(702,542)

​

​

​

​

​

—

​

​

​

​

​

(2,816,581)

​

​

Net cash used in investing activities

​

​

​

​

(2,038,622)

​

​

​

​

​

(638,332)

​

​

​

​

​

(79,273)

​

​

​

​

​

(702,542)

​

​

​

​

​

642,188

​

​

​

​

​

(2,816,581)

​

​

Capital contribution from Group companies(2)

​

​

​

​

—

​

​

​

​

​

39,392

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(39,392)

​

​

​

​

​

—

​

​

Loans from Group companies(3)

​

​

​

​

—

​

​

​

​

​

637,940

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(637,940)

​

​

​

​

​

—

​

​

Repayments of loans from Group companies(3)

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(35,144)

​

​

​

​

​

35,144

​

​

​

​

​

—

​

​

Other financing activities with third parties

​

​

​

​

(669,232)

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

—

​

​

​

​

​

(669,232)

​

​

Net cash (used in)/provided by financing activities

​

​

​

​

(669,232)

​

​

​

​

​

677,332

​

​

​

​

​

—

​

​

​

​

​

(35,144)

​

​

​

​

​

(642,188)

​

​

​

​

​

(669,232)

​

​

​

S-22

 

​

S-23

 

S-24

 

RISK FACTORS

Any investment in our Class A ordinary shares, including in the form of ADSs, involves a high degree of risk. You should carefully consider the risks described below and the other information contained in this prospectus supplement and the accompanying prospectus, including the documents incorporated by reference. Any of the following risks, and additional risks and uncertainties not currently known to us or those we currently view to be immaterial, may also materially and adversely affect our business, financial condition or results of operations. In such case, you may lose all or part of your original investment.

Please see “Where You Can Find More Information” and “Incorporation of Certain Documents by Reference” for information on where you can find the documents we have filed with or furnished to the SEC and which are incorporated by reference in this prospectus supplement.

RISKS RELATING TO OUR BUSINESS AND INDUSTRY

If we fail to implement new technologies, develop and provide innovative features and services, respond to evolving user preferences, enhance user friendliness of our online recruitment platform, or optimize our technology systems, we may not be able to improve user experience, which may have a material and adverse effect on our user growth and retention, business, financial condition and results of operations.

Our success depends upon our ability to attract and retain job seekers and enterprise users. Our ability to retain and attract job seekers largely depends on the number of job postings and employers on our online recruitment platform. Our ability to retain and attract enterprise users primarily depends on the number of job seekers using our online recruitment platform. Therefore, improving the experience for both job seekers and enterprise users is critical to driving engagement across our platform.

An important way to improve user experience and attract more users is to introduce innovative services and features that are useful for users and that encourage more frequent use of our online recruitment platform. To develop, support and maintain such innovative services and features often requires development and implementation of new technologies, and we intend to continue to devote resources to the research and development of additional technologies and services. However, implementation of new technologies in our system may take a long time and may involve technical challenges and large amounts of capital and personnel resources. We may not be able to effectively integrate new technologies on a timely basis, or at all, which may decrease user satisfaction with our services. Such technologies, even if integrated, may not function as expected or may be unable to attract and retain a substantial number of users to use our online recruitment platform. Any failure to keep pace with rapid technological changes may cause our user retention and growth to suffer.

In addition, we must also continue to respond promptly to evolving user preferences, enhance the user friendliness of our online recruitment platform, optimize our mobile applications, and otherwise continue to improve our technology systems, all of which may require us to incur substantial costs and expenses. For example, as part of our efforts to meet evolving user preferences, we have established a dedicated team to develop services uniquely designed to meet the needs of blue-collar job seekers. If such costs and expenses fail to effectively translate into improved user experience or user growth, we may not be successful in retaining and attracting our users.

We cannot assure you that our efforts to improve user experience and maintain and increase user base will always be successful. We cannot predict whether our new products, service and features will be well received by users consistently, or whether we will be successful in implementing new technologies in a cost-effective manner, enhancing user friendliness of our online recruitment platform, and otherwise improving our technology systems. If we cannot improve user experience, we may not be able to retain or attract users, and our business, financial condition and results of operations may be materially and adversely affected.

Our business depends on the continued success of our brands, and if we fail to maintain and enhance the recognition of our brands cost-effectively, or the recognition of our brands is adversely affected by any negative publicity concerning us or our directors, management, shareholders or business partners, our reputation and operating results may be harmed.

We believe that maintaining and enhancing our brands is important to the success of our business. Well-recognized brands are critical to increasing the number and the level of engagement of our users. Since we

 

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operate in a competitive industry, brand maintenance and enhancement also directly affect our ability to maintain our market position. To safeguard our brand image, we have continued to exercise strict quality control on our online recruitment platform to prevent any deterioration in service quality that could damage our reputation. We have conducted and will continue to conduct various online and offline marketing and promotional activities to enhance our brands, to guide public perception of our brands and services, and to distinguish our online recruitment platform from those of our competitors. Historically, we have invested significantly in these marketing and promotional activities, with sales and marketing expenses accounting for 44.4%, 33.5%, 28.2% and 25.5% of our revenues in the years ended December 31, 2022, 2023 and 2024 and the three months ended March 31, 2025, respectively. We may need to further increase our sales and marketing expenses in the future to continue to maintain and enhance brand awareness and brand loyalty, to retain and attract users as well as to promote the growth of our online recruitment platform. However, there can be no assurance that these sales and marketing activities will be successful or that we will be able to achieve the brand promotion effect we expect from them. If we cannot properly manage our sales and marketing expenses or if our sales and marketing activities do not meet our expectations, our financial condition, results of operations and business prospects will be adversely affected as a result.

Moreover, any negative publicity relating to our Company, our services or our directors, management, shareholders or business partners, regardless of its veracity, could harm our brands and the perception of our brands in the market. As our business expands and grows, we may be exposed to heightened public scrutiny in markets where we already operate as well as in new markets where we may operate. We could become a target for regulatory or public scrutiny in the future and scrutiny and public exposure could severely damage our reputation as well as our business and prospects.

Furthermore, our brand names and our business may be harmed by aggressive marketing and communication strategies by competitors and third parties. We may be subject to government or regulatory investigation or third-party claims as a result and we may be required to spend significant time and incur substantial costs to react to and address these consequences. There is no assurance that we will be able to effectively refute allegations within a reasonable period of time, or at all. Additionally, public allegations, directly or indirectly, against us or our directors, management, shareholders or business partners, may be disseminated online by anyone on an anonymous basis. The availability of information on social media platforms is virtually immediate, as is its impact. Social media platforms may not necessarily filter or check the accuracy of information before publishing them, and we may be able to afford little or no time to respond. As a result, our reputation may be materially and adversely affected, our ability to attract and retain users and maintain our market share may suffer, and our financial conditions may deteriorate.

We face significant competition in China’s dynamic online recruitment service market, and potential market entries by established players from other industries may further intensify competition. Our market share, financial condition and results of operations may be materially and adversely affected if we are unable to compete effectively.

The online recruitment service market in China is competitive and rapidly evolving. We face constant pressure to attract and retain users, expand the market for our services and incorporate new capabilities and technologies. Our online recruitment platform competes with other major dedicated job search platforms and niche market players that focus on certain industry verticals, such as technology, or user segments, such as job seekers for high-end positions. Other large internet companies and classified advertisement platforms have also entered the market for online recruitment services, further intensifying competition. In addition, we face competition from professional networking platforms and existing participants in the offline recruitment industry who may develop online recruitment services and products.

Many of our competitors or potential competitors have long operating histories, international strategic partners, local government sponsorship, or a larger user base, and they may have greater financial, management, technological development, sales, marketing and other resources than we do. They may also be able to adopt our business model and intensify their competition with us. As a result, we may experience reduced margins, a loss of market share or reduced engagement from both job seekers and enterprise users. Existing or future competitors could develop or offer services and products which provide significant advantages over ours in terms of performance, pricing, innovation, technology or other key aspects. If we are unable to compete effectively with current or future competitors as a result of these or other factors, our market share, financial condition and results of operations may be materially and adversely affected.

 

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If our technology capabilities fail to yield satisfactory results or fail to improve, our online recruitment platform may not be able to effectively match our job seekers with suitable enterprise users or to optimally recommend services for our users, and our user growth, retention, results of operations and business prospects may suffer consequently.

One of the core strengths of our online recruitment platform is our ability to provide accurate and tailored two-sided recommendations to enterprise users and job seekers. This ability is largely dependent on our technological capabilities. Our technology capabilities such as our capabilities in big data analytics, therefore, are crucial to us continuing to retain and attract users to our online recruitment platform. Our users will continue to compare this core strength of our online recruitment platform against those of the platforms run by our competitors and may switch to a competitor platform if our online recruitment platform underperforms their expectations. In addition, managing some of the other important aspects of our operations, such as sales and marketing activities, also requires us to make decisions informed by our technology, including data analytics. Any failure to improve our technological capabilities and any underperformance of our technological capabilities may materially and adversely affect our user retention and growth, financial condition and results of operations.

A slowdown or adverse development in the Chinese or global economy may lower the hiring willingness and budget of our current and potential enterprise users, adversely affecting the demand for our services and our business in general.

The global macroeconomic environment continues to face numerous challenges. Geopolitical conflicts, such as the Russia-Ukraine conflict, the hostilities and conflicts in the Middle East and attacks on shipping in the Red Sea have heightened geopolitical tensions across the world. There have also been concerns about the relationship between China and other countries which may potentially have economic effects. In particular, there is significant uncertainty about the future relationship between the United States and China with respect to a wide range of issues including trade policies, treaties, government regulations and tariffs. In recent years, a large number of jurisdictions have imposed higher tariffs and other protective measures on imports and exports, and such protectionist policies could discourage cross-border transactions and globalization. Economic conditions in China are sensitive to global economic conditions, as well as changes in domestic economic and political policies and the expected or perceived overall economic growth rate in China. Substantially all of our operations are conducted in mainland China, and the vast majority of our revenues are generated from providing services to customers operating in mainland China. In an environment of slower economic growth or recession, employers may take actions such as hiring fewer employees, engaging in hiring freezes, reducing hiring budgets or the number of hiring headcount, and curtailing spending on online recruitment services and other human resource related services. Therefore, any severe or prolonged slowdown in the global or Chinese economy may materially and adversely affect our business, results of operations and financial condition. In addition, turbulence in the international markets could adversely affect our ability to access capital markets to meet liquidity needs.

Heightened tensions in international relations, particularly between the United States and China, including restrictions on trade and investment could have a material and adverse effect on our business, financial condition, results of operations, and prospects, as well as the trading price of our Class A ordinary shares and the ADSs.

Recently there have been heightened tensions in international relations, particularly between the United States and China. These tensions have affected both diplomatic and economic ties between the two countries. For example, on October 28, 2024, the U.S. Department of the Treasury (the “Treasury”) issued a final rule on outbound investment to implement the executive order of August 9, 2023 (the “Final Rule”). The Final Rule became effective on January 2, 2025. The Final Rule imposes investment prohibition and notification requirements on U.S. persons for a wide range of investments in entities associated with China (including Hong Kong and Macau) that are engaged in activities relating to three sectors: (i) semiconductors and microelectronics, (ii) quantum information technologies, and (iii) artificial intelligence systems, collectively defined as Covered Foreign Persons. U.S. persons subject to the Final Rule are prohibited from making, or required to report, certain investments in Covered Foreign Persons, which are defined as Covered Transactions. We do not believe KANZHUN LIMITED is a Covered Foreign Person as defined under the Final Rule. The Final Rule was recently issued and may be subject to further guidance or clarifications from the Treasury, and the U.S. outbound investment regime is still evolving. If we were to be deemed a Covered Foreign Person due

 

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to amendments to relevant laws and regulations to the U.S. outbound investment regime or changes in our business operations, our ability to raise capital would be significantly and negatively affected. In such case, the trading price of our Class A ordinary shares and/or the ADSs may be materially and adversely affected.

On February 21, 2025, the White House released the “America First Investment Policy” memorandum, or the Investment Policy, outlining several initiatives to incentivize investment from U.S. allies and partners while restricting investments involving “foreign adversaries,” including China. Among other things, the Investment Policy aims to expand the industry sectors covered by the U.S. outbound investment regulations and supplement outbound restrictions through the imposition of sanctions. As of the date of this document, the proposed changes under the Investment Policy are not implemented, although the proposed restrictions may further deepen the uncertainties for cross-border collaborations, investments, and funding opportunities for China-based issuers including us. If our ability to raise such capital is significantly and negatively affected, it could be detrimental to our business, financial condition and prospects, and our ADSs may significantly decline in value.

In addition, the U.S. has imposed or proposed the imposition of new tariffs on products imported into the U.S. from a number of countries, such as China and Canada and could propose additional tariffs or increases to those already in place. Particularly, in 2025, the U.S. government announced successive rounds of tariffs on goods imported from China, further creating uncertainties to the U.S.-China relationship and macroeconomic conditions in general. On May 12, 2025, China and the U.S. made a joint statement announcing a 90-day partial tariff truce. This sequence of actions underscored a strategic recalibration of the United States trade policy, emphasizing heightened pressure on international trades. We are closely monitoring potential changes in international trade policy and assessing the potential impact of these and other trade policy changes on our business operations and financial performance. These recent actions and potential developments in trade relations, including the imposition of new or increased tariffs by the U.S. and/or other countries could alter the trade environment and negatively affect the hiring demands of our enterprise customers which, in turn, could have an adverse effect on our financial condition and results of operations. Escalating U.S.-China tariff tensions have triggered a chain reaction of economic and political repercussions, potentially worsening bilateral relations. U.S. legislative and policy initiatives may impose stricter measures on China-based companies listed on U.S. exchanges. Heightened tensions could also reduce levels of trade, investments, technological exchanges, and other economic activities between the two major economies. The existing tensions and any further deterioration in the relationship between the United States and China may have a negative impact on the general, economic, political, and social conditions in both countries and, given our reliance on the Chinese market, adversely impact our business, financial condition, and results of operations.

Our users may engage in intentional or negligent misconduct or other improper activities on our online recruitment platform or otherwise misuse our online recruitment platform, which may damage our brand image and reputation, our business and our results of operations.

Our online recruitment platform has instant messaging functions that allow users to communicate with each other and engage in job application activities. We adopt a comprehensive suite of registration procedures to verify the identity of our job seekers and enterprise users. Job seekers are required to complete our mobile phone verification process by providing personal and professional information such as name, education background, employment status, recent employment, work experience, position desired, and salary expectation. Since we have limited control over the real-time and offline behavior of our users, it is still possible for our online recruitment platform to be misused by our users for inappropriate or illegal purposes.

We may be required by government authorities to report certain misbehaviors for further investigation if such misbehaviors are subject to regulatory investigation or other governmental proceedings. Despite our detection and filtering efforts, we may not be able to identify every incident of inappropriate content or illegal or fraudulent activities, prevent all such content from being further disseminated or prohibit such activities from occurring. We may not be able to filter all the content generated by our users as it appears, especially in the context of instant messaging between job seekers and enterprise users. Therefore, our users may engage in illegal, obscene or incendiary conversations or engage in unethical or illegal activities via our online recruitment platform.

If user misconduct and misuse of our online recruitment platform for inappropriate or illegal purposes occur on our online recruitment platform, claims may be brought against us for torts, defamation, libel, negligence,

 

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copyright, patent or trademark infringement. In response to allegations of illegal or inappropriate activities conducted through our online recruitment platform, government authorities may intervene and hold us liable for non-compliance with applicable laws and regulations and subject us to administrative penalties or other sanctions, such as requiring us to restrict or discontinue some or all of our features and services. In addition, our users may suffer or allege to have suffered physical, financial or emotional harm caused by contacts initiated on our online recruitment platform. Our business and public perception of our brands may be materially and adversely affected if we do face civil lawsuits or other liabilities initiated by such affected users. Defending any actions brought by such affected users could be costly and require significant time and attention of our management and other resources, which would materially and adversely affect our business.

We are exposed to potential legal liabilities associated with the recruitment process, which may have a material adverse effect on our business and results of operations.

We are exposed to potential claims associated with the recruitment process, including claims by enterprise users seeking to hold us liable for recommending a job seeker who subsequently proves to be unsuitable for the position filled, claims by current or previous employers alleging breach of employment contracts, claims by job seekers against us alleging our failure to maintain the confidentiality of their personal information and employment searches or alleging discrimination or other violations of employment law or other laws or regulations by our enterprise users, and claims by either employers or their employees alleging the failure of our services to comply with laws or regulations relating to employment, data privacy or other related matters. We do not maintain insurance coverage for liabilities arising from claims by employers, employees, candidates or third parties. Any such claims, regardless of merit, may force us to participate in time-consuming, costly litigation or investigation, divert significant management and staff attention, and damage our reputation and brand names.

If our job seekers’ or employers’ profiles are out-of-date, inaccurate, fraudulent or lack credible information, we may not be able to effectively create value for our users, which could materially and adversely impact our reputation and business prospects.

We have adopted a suite of registration procedures to verify the identity of our job seekers and enterprise users, and we also have ongoing risk assessment procedures for enterprise users. Our intelligence system detects suspicious user input that may undermine the integrity of the community and will then require such users to go through additional authentication procedures. However, we cannot assure you that we will be able to remove all the job seekers and enterprise users that submit out-of-date, inaccurate, fraudulent or otherwise untrustworthy profile or job post information to our database. If we are not able to effectively filter out these job seekers and enterprise users, our users that submit legitimate and accurate profile information may be misled or even defrauded by them, wasting their time and resources in the recruitment process, and our reputation and business prospects will also be materially and adversely impacted as a result. We might also be ordered to make rectifications or even be subject to confiscation of illegal gains and a fine if we fail to review the authenticity and legality of the materials provided by the employers in accordance with the laws of mainland China.

If we fail to attract more enterprise users to our online recruitment platform, or if enterprise customers decide to purchase less of our online recruitment services for any reason, our revenues may stagnate or decline and our business and prospects may be materially and adversely affected.

In 2022, 2023, 2024 and the three months ended March 31, 2025, approximately 99% of our revenues were generated from enterprise customers. Enterprise customers are by far the most important source of revenue for us, and attracting more enterprise users to our online recruitment platform is therefore of critical importance to us. Due to their contribution to our revenues and ability to spend, large businesses with sufficient funds would benefit us most as a revenue source, and we need to invest in developing and promoting services that meet their needs. Additionally, small and medium-sized enterprises (“SMEs”) can also be a source of enterprise user growth for us, as they have historically been underserved and usually lack direct access to a scaled user base and effective means to recruit widely. In order to expand our market reach to more small and mid-sized businesses, especially in less developed cities, we provide free or lower-fee services or subscription packages to them so they can take advantage of our online recruitment platform. We, however, cannot assure you that our efforts will convince more enterprise users to use our online recruitment platform. There is also

 

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no guarantee that our existing enterprise customers will continue to pay for our online recruitment services at the same frequency or price going forward, as competition or alternative means of job hunting may put pressure on the demand and pricing for our online recruitment services. If we are not successful in expanding our enterprise user base or improving our monetization of enterprise customers, our revenues may stagnate or decline and our business and prospects may be materially and adversely affected.

Because we store and process data, some of which contains sensitive personal information, we face concerns over the collection, improper use or disclosure of personal information, which could deter current and potential users from using our services, damage our reputation, result in legal liability, bring regulatory scrutiny, and in turn materially and adversely affect our business, financial condition and results of operations.

We are subject to the laws, regulations, guidelines and national standards relating to the protection of personal information in mainland China, which covers areas such as the collection, storage, use, transmission, sharing or other aspects of data processing of such personal information. For example, the PRC Personal Information Protection Law took effect on November 1, 2021. This law consolidates rules with respect to personal information rights and privacy protection and specifies the protection requirements for processing personal information and rules for processing sensitive personal information. As uncertainties remain regarding the interpretation and implementation of this law, we cannot assure that we will comply with it in all respects, or that regulatory authorities will not order us to rectify or terminate our current practice of collecting and processing personal information. We and our directly responsible supervisors may also become subject to fines and other penalties which may have a material adverse effect on our business, operations and financial condition. The Rules on the Scope of Necessary Personal Information for Common Types of Mobile Internet Applications, which were jointly promulgated by the Ministry of Industry and Information Technology, or the MIIT, the CAC, the Ministry of Public Security, and the State Administration for Market Regulation, or the SAMR, on March 12, 2021 and became effective on May 1, 2021, specifies that the scope of necessary personal information for job hunting and recruitment applications includes mobile phone numbers of registered users and resume provided by job seekers.

The PRC Cyber Security Law, which became effective on June 1, 2017, created mainland China’s first national-level data protection framework for “network operators.” It requires, among other things, that network operators take security measures to protect the network from unauthorized interference, damage and unauthorized access and prevent data from being divulged, stolen or tampered with. Network operators are also required to collect and use personal information in compliance with the principles of legitimacy, properness and necessity, and strictly within the scope of authorization by the personal information subject unless otherwise prescribed by laws or regulations. We may need to invest significant capital, managerial and human resources to comply with legal requirements, enhance information security and address any issues caused by security failures. Any concerns or claims about our practices with regard to the collection, storage, use, transmission, sharing or other aspects of data processing of personal information or other privacy-related matters, even if ungrounded, could damage our reputation and results of operations.

Any system failure or compromise of our security that results in the unauthorized access to or release of personal or private information, such as data, photo or messaging history of our users could significantly limit the adoption of our services, as well as harm our reputation and brands, result in litigation against us, liquidated and other damages, regulatory investigations and penalties, and we could be subject to material liability. We expect to continue expending significant resources to protect against security breaches. The risk that these types of events could seriously harm our business is likely to increase as we expand the scope of the services we offer and as we increase the size of our user base.

Moreover, we could be required to disclose certain personal information to (i) PRC government authorities for the purpose of, among other things, safeguarding national security, investigating crimes, investigating infringement of information network communication rights, and cooperating with the supervision and inspection of telecommunication regulatory authorities, or (ii) certain entities or individuals for the purpose of enforcing the judgments or rulings made by judicial authorities. Disclosing personal information under such circumstances may cause our users to lose trust in our ability to safeguard their privacy. Failure to comply with these requirements could subject us to administrative penalties or other regulatory or enforcement actions.

 

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Our business is subject to complex and evolving laws and regulations in mainland China on data protection and cybersecurity. Any failure or perceived failure to comply with these laws and regulations could result in penalties, claims, changes to our business practices, negative publicity, legal proceedings, increased cost of operations, or declines in user growth or engagement, or otherwise harm our business.

Regulatory authorities in mainland China have enhanced data protection and cybersecurity regulatory requirements. These laws continue to develop, and the PRC government may adopt other rules and restrictions in the future. Different PRC regulatory bodies, including the Standing Committee of the National People’s Congress, the MIIT, the CAC, the Ministry of Public Security and the SAMR, have enforced data privacy and protections laws and regulations with varying standards and applications, which may create difficulties in ensuring full compliance and increase our operating cost. Non-compliance could result in penalties or other significant legal liabilities.

Numerous regulations, guidelines and other measures have been and are expected to be adopted under the PRC Cyber Security Law. For example, the PRC government promulgated the Cybersecurity Review Measures in April 2020, which became effective in June 2020. Under these measures, critical information infrastructure operators must pass a cybersecurity review when purchasing network products and services which affect or may affect national security. On December 28, 2021, the CAC, together with certain other PRC government authorities, jointly released the revised Cybersecurity Review Measures, which took effect on February 15, 2022. Pursuant to the revised Cybersecurity Review Measures, critical information infrastructure operators procuring network products and services and online platform operators conducting data processing activities that affect or may affect national security shall conduct a cybersecurity review according to these measures. If a critical information infrastructure operator anticipates that its procurement of network products and services affect or may affect national security after the network products and services being put into use, it shall apply for cybersecurity review to the Cybersecurity Review Office of the CAC. In addition, online platform operators possessing personal information of more than one million users seeking to be listed on a foreign stock exchange must apply for a cybersecurity review. The revised Cybersecurity Review Measures also provide that the Cybersecurity Review Office of the CAC may initiate cybersecurity review against the operators if the authorities believe that the network products, network services or data processing activities of such operators affect or may affect national security. The revised Cybersecurity Review Measures set out certain risk factors which would be the focus in assessing the national security risk during a cybersecurity review. Pursuant to an announcement posted by the CAC on July 5, 2021 relating to the cybersecurity review, our BOSS Zhipin app was required to suspend new user registration to cooperate with the cybersecurity review and prevent the expansion of risks. As approved by the Cybersecurity Review Office of the CAC, we have re-commenced new user registration on our BOSS Zhipin app, effective from June 29, 2022.

On July 30, 2021, the PRC State Council promulgated the Regulations on Security Protection of Critical Information Infrastructure, which became effective on September 1, 2021. As of the date of this document, no detailed implementation rules governing the online recruitment industry have been issued by the government authorities. However, as these regulations were relatively new and the government authorities may further formulate detailed rules or explanations with respect to the interpretation and implementation of this regulation. As of the date of this document, we have not been informed by any government authority that we are a critical information infrastructure operator.

In mainland China, the internet information is regulated from a national security standpoint. According to the PRC National Security Law, institutions and mechanisms for national security review and administration will be established to conduct national security review on key technologies and network information technology products and services that affect or may affect national security. The PRC Data Security Law took effect in September 2021 and provides for a security review procedure for the data processing activities that affect or may affect national security. It is not clear under the PRC Data Security Law what constitutes “important data” or “state critical data.” If we are deemed to collect “important data” or “state critical data,” we may need to adopt internal reforms in order to comply with the PRC Data Security Law, which may increase the cost of operations, or decline the user growth or engagement, or otherwise harm our business.

In addition, on September 24, 2024, the CAC published the Regulations on the Administration of Network Data Security, which became effective on January 1, 2025. The regulations provide that network data processors carrying out network data processing activities that affect or may affect national security shall undergo a national security review in accordance with relevant national regulations. In addition, network data

 

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processors processing personal information of over ten million individuals shall fulfill certain requirements for processing important data and take certain precautionary measures, such as identifying important data and conducting annual risk assessment. In general, compliance with the existing laws and regulations of mainland China and additional laws and regulations related to data security and personal information protection that PRC regulatory bodies may enact in the future may be costly and result in additional expenses to us, and subject us to negative publicity.

On July 7, 2022, the CAC issued the Measures for the Security Assessment of Cross-border Transfer of Data, which became effective on September 1, 2022. These measures require the data processor providing data overseas and falling certain circumstances to apply for the security assessment of cross-border data transfer with the local provincial-level counterparts of the national cybersecurity authority. On March 22, 2024, the CAC issued the Provisions on Promoting and Regulating Cross-border Data Flows, which became effective on the same day. Pursuant to the provisions, if the data has not been informed or publicly announced as important data by relevant departments or regions, data processors are not required to apply for the security assessment for cross-border provision of the data as important data. As of the date of this document, the exact scope of “important data” in the online recruitment industry under the current regulatory regime remains unclear, and the applicability of certain circumstances are still subject to further interpretation by relevant government authorities. The PRC government authorities may have discretion in the interpretation and enforcement of the applicable laws. Therefore, it is uncertain whether we would be required to report any security assessment for cross-border data transfers to the CAC.

While we take measures to comply with applicable cybersecurity and data privacy and protection laws and regulations, we cannot guarantee the effectiveness of the measures undertaken by us and our business partners. The activities of third parties such as our customers and business partners are beyond our control. It also remains uncertain whether the future regulatory changes would impose additional restrictions on companies like us. If any of our business partners violate the laws or regulations or fails to fully comply with the service agreements with us, or if any of our employees fails to comply with our internal control measures and misuses the information, we may be subject to legal liabilities. Any failure or perceived failure to comply with all applicable cybersecurity and data privacy and protection laws and regulations, or any failure or perceived failure of our business partners to do so, or any failure or perceived failure of our employees to comply with our internal control measures, may prevent us from using or providing certain network products or services, result in government enforcement actions and investigations, fines and other penalties such as suspension of our related business, closure of our apps and suspension of new downloads of our apps, as well as subjecting us to negative publicity and legal proceedings or regulatory actions and discouraging current and potential users and customers from using our services, which could have a material adverse effect on our business and results of operations.

In addition, regulatory authorities around the world have adopted or are considering a number of legislative and regulatory proposals concerning data protection. These legislative and regulatory proposals, if adopted, and the uncertain interpretations and application thereof could, in addition to the possibility of fines, result in an order requiring that we change our data practices and policies, which could have an adverse effect on our business and results of operations. The European Union General Data Protection Regulation which came into effect on May 25, 2018, includes operational requirements for companies that receive or process personal data of residents of the European Economic Area. This regulation establishes new requirements applicable to the processing of personal data, affords new data protection rights to individuals and imposes penalties for serious data breaches. Individuals also have a right to compensation under the regulation for financial or non-financial losses. Although we do not conduct any business in the European Economic Area, in the event that residents of the European Economic Area access our platform and input protected information, we may become subject to provisions of this regulation.

We may not be able to sustain and manage our growth, control our costs and expenses, implement our business strategies. Any new product or service we may launch and any new market sectors we may enter will come with additional risks.

We have experienced rapid growth in our business and operations since our inception in 2014, which places significant demands on our management, operational and financial resources. While we have achieved profitability, recording net income of RMB107.2 million, RMB1.1 billion, RMB1.6 billion (US$215.9 million)

 

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