Job agency may list on Nasdaq
Mainland recruitment agency 51job.com is planning a Nasdaq listing to raise about 200 million yuan (HK$187.3 million) next year.
It is hoping to take advantage of the growing popularity of Chinese companies on foreign capital markets.
51job.com, which sounds like 'no worry for career prospects' in Mandarin, helps foreign multinationals and mainland firms recruit middle to senior positions in China.
The company runs head-hunting offices in eight mainland cities, including Beijing, Shanghai and Guangzhou, and a recruitment supplement, Career Post, through partnerships with mainland newspapers. It also conducts training courses for managers.
The recruitment firm was started up by Hong Kong resident Rick Yan Wing-fai in 1999.
Mr Yan said the proposed listing would go ahead when conditions on the Nasdaq Stock Market improved.
'We are hoping for [a rebound in the Nasdaq Composite Index] to 2,500 points, a level at which our firm can target a market valuation of about 1.5 billion yuan, based on a projected revenue of 400 million yuan next year,' Mr Yan said.
Nasdaq closed at 1,741.39 points last Friday.
Mr Yan said a company engaged in job recruitment in the mainland should attract investor interest in the United States.
The firm might turn to Hong Kong's Growth Enterprise Market or main board for a listing should the US capital market fail expectations. The listing proceeds will be used to buy other companies or assets that will help boost its business.
Mr Yan said mainland firms, especially those in the financial sector, were desperately seeking overseas expertise to strengthen their competitiveness now that China had joined the World Trade Organisation.
The company hopes to tap Hong Kong's pool of financial professionals by launching a job-search monthly, China Jobs, with an initial circulation of 50,000, on Friday.
51job.com said it made a net profit of four million yuan last year on turnover of 150 million yuan.