Original URL: http://www.theregister.co.uk/2011/10/21/seek_china_float/

Seek may float Chinese asset

Recruitment really does pay

By Natalie Apostolou

Posted in Business, 21st October 2011 02:41 GMT

The Bassat brothers, founders of online recruitment giant Seek, may be extending their midas touch with another IPO.

Media reports suggest that Seek will be floating a portion of its Chinese recruitment business Zhaopin on Nasdaq.

The Australian Financial Review reports that Macquarie Capital, which holds 38 percent of the asset will divest most of its shares in the float. The AFR report values the asset at more than $US1 billion. Seek holds 56.1 percent of Zhaopin.

Seek and Macquarie became investors in 2008. At the time Seek forked out $US45 million to increase its stake in Zhaopin from 25 percent to 43 percent and Macquarie invested $US60 million for a 29.1 percent share. The company was founded in 1994 and is headquartered in Beijing, China.

Zhaopin provides online human resource services for companies and enterprises with services including online recruiting, newspaper recruiting, headhunting, campus recruiting, HR outsourcing, corporate training, and staff assessment.

Zhaopin turned a profit this year reporting $US8.7 million profit following a $US3.76 million loss the previous year. ®