bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Zhaopin.com, the mainland's third-largest recruitment portal, is selling a 25 per cent stake to its leading Australian counterpart, Seek, as both companies target expansion in China's burgeoning job-search market.

Seek, which is 25 per cent owned by James Packer's Publishing and Broadcasting Ltd (PBL), will pay about US$20 million for the Zhaopin stake, the Melbourne-based company said in a statement to the Australia stock exchange yesterday.

The deal gives Seek access to China's US$100 million online recruitment market in which Beijing-based Zhaopin had an 8.8 per cent share  last year, trailing Nasdaq-listed 51job, which had 20 per cent, and ChinaHR.com with 15 per cent, according to Shanghai researcher IResearch.

Seek, which will 'provide strategic input and operational support' to Zhaopin, will not take part in managing the mainland company, Bloomberg reported, citing Zhaopin strategic planning director Zhou Wei.

Mr Zhou expects the deal to be completed within a month, the report said.

The  purchase will be negative for Seek's earnings per  share  this financial year as Zhaopin will step up investments, Seek's statement said.

The mainland's  internet-related companies are attracting foreign partners seeking to benefit  from China's moves to  overtake the United States  as the world's biggest internet market within the next three years, analysts said.

Zhaopin's rival ChinaHR.com sold a 40 per cent stake to New York-based Monster Worldwide for US$50 million in February last year.

Telstra, Australia's biggest telephone company, bought a 51 per cent stake in mainland property website operator SouFun Holdings for US$254 million last month.

The acquisition of Zhaopin is the first overseas purchase by  Seek, whose parent company PBL is Australia's biggest television broadcaster.



Seek to pay US$20m for stake in Zhaopin