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Michelle87
2021-06-12

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Tiger Securities helped BOSS Zhipin land on Nasdaq, opening up 75% on the first day

北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科

Tiger Securities helped BOSS Zhipin land on Nasdaq, opening up 75% on the first day

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Jefflau749
·2021-06-14
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Jefflau749
·2021-06-13
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In the first quarter of 2021, the company's revenue reached US $120 million, a year-on-year increase. As high as 178.9%.</p><p>The gross profit of BOSS direct recruitment will be US $261 million in 2020, an increase of 98.7% compared with US $131 million in 2019, and will reach US $104 million in the first quarter of 2021, a year-on-year increase of 178.4%. At the same time, in the first quarter of 2019, 2020 and 2021, the company's gross profit margins were 86.20%, 87.65% and 86.45% respectively, remaining almost unchanged.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin achieved operating profits of US $392,800, US $1.356 million, and US $350,000, and US $400,000 respectively, with operating profit margins of 0.3%, 0.5%, and 0.3% respectively. During the same period, the company's net losses were US $112 million, US $188 million and US $40.972 million respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS's direct operating cash flow was-16.1318 million US dollars, 60.676 million US dollars, and 25.235 million US dollars, respectively.</p><p>As of March 31, 2021, BOSS Zhipin held cash of US $626 million and liabilities of US $332 million. For the twelve months ended March 31, 2021, the Company had free cash flow of $102 million.</p><p><b>Study Analysis</b></p><p>BOSS Zhipin hopes to get the support of the US capital market to help them continue to expand in the Chinese market.</p><p>Judging from the company's financial performance, their revenue and gross profit margin have grown rapidly, and their operations have turned losses into profits. Free cash flow as of March 31, 2021 was impressive at over $101 million.</p><p>In China, providing online recruitment services for job seekers and employers has a huge market size and a promising prospect.</p><p>Goldman Sachs is the leading underwriter of this transaction. In the past twelve months, the company has led the underwriting of IPO stocks, with an average return rate of 42.9%, which is at the middle level in the comparison of the performance of all major underwriters in the same period.</p><p>The number one risk facing BOSS Direct Recruitment is that the company may face a series of competitive pressures, such as talent networks, or other mainstream international recruitment companies entering their markets, and once these become a reality, they will threaten their growth prospects, or force them to significantly increase marketing spending and suppress profitability.</p><p>China's various online businesses with high profit margins often end up attracting a large number of competitors, and the most important means of competition is a price war, which is obviously not good news for the future return of stocks.</p><p>From a valuation perspective, the price offered by BOSS Zhipin for U.S. IPO investors means that the company's enterprise value-to-revenue ratio is around 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, BOSS Zhipin's revenue growth momentum is even stronger, they have crossed the profitability threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although the IPO price of BOSS direct recruitment is not low, this stock is still worthy of attention for those investors who are interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tiger Securities helped BOSS Zhipin land on Nasdaq, opening up 75% on the first day</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTiger Securities helped BOSS Zhipin land on Nasdaq, opening up 75% on the first day\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-12 00:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 12, Beijing time, BOSS Zhipin landed on Nasdaq, and opened up 75% on the first day.<img src=\"https://static.tigerbbs.com/57551fd25362c75885fbb928efe43f8a\"></p><p>As an Internet underwriter, Tiger Securities is listed on the cover of the BOSS direct recruitment prospectus with Goldman Sachs, Morgan Stanley, UBS, Huaxing, Haitong and other internationally renowned banks, showing Tiger Securities' influence as a leading Internet technology investment bank.<br></p><p><br></p><p>According to the latest prospectus information, BOSS Zhipin will publicly issue 48 million American Depositary Shares (ADS) at an issue price of US $19 per share, raising approximately US $912 million, and the total market value was US $7.599 billion at the opening.</p><p>This valuation has exceeded the sum of 51job, which has a public valuation of US $5 billion, and Zhaopin Recruitment, which can only have a valuation of US $1.7 billion in the private equity fund market due to delisting, making it the highest-valued Chinese recruitment platform.</p><p>Of course, being able to achieve such a high valuation shows to a certain extent that BOSS Zhipin also has its own financial performance and has been recognized by the capital market.</p><p><b>FINANCIAL</b></p><p>The recent financial performance of BOSS Zhipin can be summarized as follows: the revenue growth momentum is strong; Gross profit growth was strong and gross margin remained stable; Although the operating profit is low, it has turned losses into profits; Operating cash flow skyrocketed.</p><p>Specifically, BOSS Zhipin's revenue in 2020 reached US $298 million, a surge of 95.4% compared with US $152 million in 2019. In the first quarter of 2021, the company's revenue reached US $120 million, a year-on-year increase. As high as 178.9%.</p><p>The gross profit of BOSS direct recruitment will be US $261 million in 2020, an increase of 98.7% compared with US $131 million in 2019, and will reach US $104 million in the first quarter of 2021, a year-on-year increase of 178.4%. At the same time, in the first quarter of 2019, 2020 and 2021, the company's gross profit margins were 86.20%, 87.65% and 86.45% respectively, remaining almost unchanged.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS Zhipin achieved operating profits of US $392,800, US $1.356 million, and US $350,000, and US $400,000 respectively, with operating profit margins of 0.3%, 0.5%, and 0.3% respectively. During the same period, the company's net losses were US $112 million, US $188 million and US $40.972 million respectively.</p><p>In 2019, 2020, and the first quarter of 2021, BOSS's direct operating cash flow was-16.1318 million US dollars, 60.676 million US dollars, and 25.235 million US dollars, respectively.</p><p>As of March 31, 2021, BOSS Zhipin held cash of US $626 million and liabilities of US $332 million. For the twelve months ended March 31, 2021, the Company had free cash flow of $102 million.</p><p><b>Study Analysis</b></p><p>BOSS Zhipin hopes to get the support of the US capital market to help them continue to expand in the Chinese market.</p><p>Judging from the company's financial performance, their revenue and gross profit margin have grown rapidly, and their operations have turned losses into profits. Free cash flow as of March 31, 2021 was impressive at over $101 million.</p><p>In China, providing online recruitment services for job seekers and employers has a huge market size and a promising prospect.</p><p>Goldman Sachs is the leading underwriter of this transaction. In the past twelve months, the company has led the underwriting of IPO stocks, with an average return rate of 42.9%, which is at the middle level in the comparison of the performance of all major underwriters in the same period.</p><p>The number one risk facing BOSS Direct Recruitment is that the company may face a series of competitive pressures, such as talent networks, or other mainstream international recruitment companies entering their markets, and once these become a reality, they will threaten their growth prospects, or force them to significantly increase marketing spending and suppress profitability.</p><p>China's various online businesses with high profit margins often end up attracting a large number of competitors, and the most important means of competition is a price war, which is obviously not good news for the future return of stocks.</p><p>From a valuation perspective, the price offered by BOSS Zhipin for U.S. IPO investors means that the company's enterprise value-to-revenue ratio is around 19.2. Although this figure is higher than the current overall level of software-as-a-service stocks, BOSS Zhipin's revenue growth momentum is even stronger, they have crossed the profitability threshold at the operational level and generated considerable free cash flow.</p><p>Therefore, although the IPO price of BOSS direct recruitment is not low, this stock is still worthy of attention for those investors who are interested in the growth prospects of China's online recruitment market.</p><p><img src=\"https://static.tigerbbs.com/361ada34c84eeaafbb2e860b6eb0db6f\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3aee31599ee7010691cc73f0ff8ac182","relate_stocks":{"BZ":"BOSS直聘"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156959915","content_text":"北京时间6月12日，BOSS直聘登陆纳斯达克，首日开涨75%。\n老虎证券作为互联网承销商，与高盛、摩根士丹利、UBS、华兴、海通等国际知名大行同列BOSS直聘招股书封面，展现出老虎证券作为头部互联网科技投行的影响力。\n\n根据最新招股书信息显示，BOSS直聘将公开发行4800万股美国存托股份（ADS），发行价定为每股19美元，募资约9.12亿美元，总市值开盘时是75.99亿美元。\n而这个估值已经超过公开估值50亿美元的前程无忧和由于退市只能在私募基金市场有估值17亿美元的智联招聘之和，成为估值最高的中国招聘平台。\n当然，能达到如此高额的估值，在一定程度上表明BOSS直聘也有着自己的在财务上的表现得到了资本市场的认可。\n财务表现\nBOSS直聘近期的财务表现大约可以做如下概括：营收增长势头强劲；毛利润增长强劲，毛利润率保持稳定；运营利润虽然低，但是已经实现了扭亏为盈；运营现金流猛增。\n具体而言，BOSS直聘2020年营收达到了2.98亿美元，较之2019年的1.52亿美元猛增95.4%之多，而2021年第一季度，公司营收就达到了1.20亿美元，同比增幅更高达178.9%。\nBOSS直聘毛利润2020年为2.61亿美元，较之2019年的1.31亿美元增长98.7%，而2021年第一季度达到1.04亿美元，同比增幅高达178.4%。与此同时，在2019年、2020年和2021年第一季度当中，公司毛利润率分别为86.20%、87.65%和86.45%，几乎保持不变。\n2019年、2020年和2021年第一季度，BOSS直聘分别实现运营利润39.28万美元、135.60万美元和35、40万美元，运营利润率分别为0.3%、0.5%和0.3%。同期内，公司净亏损分别为1.12亿美元、1.88亿美元和4097.20万美元。\n2019年、2020年和2021年第一季度，BOSS直聘运营现金流分别为-1613.18万美元、6067.60万美元和2523.50万美元。\n截至2021年3月31日，BOSS直聘持有现金6.26亿美元，负债3.32亿美元。截至2021年3月31日的十二个月内，公司自由现金流为1.02亿美元。\n研究分析\nBOSS直聘希望获得美国资本市场的支持，帮助他们在中国市场上继续扩张。\n从公司的财务表现看，他们营收和毛利润率增长迅猛，运营层面已经实现扭亏为盈。截至2021年3月31日的自由现金流超过1.01亿美元，令人印象深刻。\n在中国，为求职者和雇主提供线上招聘服务，市场体量是很巨大的，前景是很可观的。\n高盛是本次交易的领衔承销商，在过去十二个月时间内，该公司领衔承销的IPO股票，平均回报率为42.9%，在所有主要承销商同期业绩的比较当中位于中游水平。\nBOSS直聘面前的头号风险是，该公司可能会面对一系列竞争压力，比如人才网络，或者其他主流国际招聘公司进入他们所在的市场，而这些一旦成为现实，就将威胁到他们的增长前景，或者是迫使他们大幅提升营销支出，打压盈利能力。\n中国各种利润率较高的线上业务，往往最终都会吸引大量竞争者，而最主要的竞争手段就是大打价格战，而这对于股票未来的回报显然不是什么好消息。\n从估值角度看，BOSS直聘为美国IPO投资者开出的价格意味着公司企业价值营收比率为19.2左右，虽然这一数字高于软件即服务股票当前的总体水平，但是BOSS直聘的营收增长势头更为强劲，他们已经在运营层面越过盈利门槛，并且产生了可观的自由现金流。\n因此，虽然BOSS直聘IPO价格称不上低廉，但是对于那些有意于中国线上招聘市场成长前景的投资者而言，这一股票还是值得关注的。","news_type":1,"symbols_score_info":{"BZ":0.9}},"isVote":1,"tweetType":1,"viewCount":3853,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":4748901,"commentId":"4748901","gmtCreate":1623675859426,"gmtModify":1663228752534,"authorId":3576195246415673,"author":{"id":3576195246415673,"idStr":"3576195246415673","authorId":3576195246415673,"name":"Jefflau749","avatar":"https://static.tigerbbs.com/3b16bea38b728770eeacee83d0ca1b56","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":188231290,"objectIdStr":"188231290","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"赞","text":"赞","html":"赞","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0},{"id":4727819,"commentId":"4727819","gmtCreate":1623575660028,"gmtModify":1663228658744,"authorId":3576195246415673,"author":{"id":3576195246415673,"idStr":"3576195246415673","authorId":3576195246415673,"name":"Jefflau749","avatar":"https://static.tigerbbs.com/3b16bea38b728770eeacee83d0ca1b56","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":188231290,"objectIdStr":"188231290","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"赞","text":"赞","html":"赞","likeSize":1,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0},{"id":4696246,"commentId":"4696246","gmtCreate":1623445543442,"gmtModify":1663228512149,"authorId":3576195246415673,"author":{"id":3576195246415673,"idStr":"3576195246415673","authorId":3576195246415673,"name":"Jefflau749","avatar":"https://static.tigerbbs.com/3b16bea38b728770eeacee83d0ca1b56","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":188231290,"objectIdStr":"188231290","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"赞","text":"赞","html":"赞","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0}],"hasMoreComment":true,"orderType":2}