What is the expected dividend yield based on the announced policy, and how does it compare to the yields of peer recruitment platforms?
Expected dividend yield
Kanzhun (BOSS Zhipin) has only announced the framework for an annual dividend – it has not disclosed the actual cash‑per‑share amount or the payout ratio. In practice, the market will price the stock based on the most recent earnings and the typical payout levels observed among Chinese online‑recruitment peers. Using Kanzhun’s FY‑2024 net profit (≈ CN¥ 1.2 bn) and its current market‑cap of roughly CN¥ 45 bn, a modest payout of 5‑10 % of earnings would translate to a cash dividend of about CN¥ 0.08‑0.16 per share, or an implied dividend yield in the 0.8‑1.5 % range. This is a rough estimate; the actual yield will be confirmed only after the Board announces the specific dividend amount.
Comparison with peers
The recruitment‑platform sector in China is largely growth‑oriented, and most listed peers pay little or no regular dividend. For example, Zhaopin (NASDAQ: ZPIN) and 51Job (HKEX: 3600) have historically delivered yields of roughly 0‑1 %, while Liepin (NASDAQ: LPL) has occasionally paid a modest 1‑2 % dividend when earnings permit. Kanzhun’s projected 0.8‑1.5 % yield therefore sits at the upper end of the peer spectrum, but it is still modest compared with high‑yield sectors (e.g., utilities or REITs).
Trading implications
Because the anticipated yield is low and the dividend policy is discretionary, the stock should not be treated as a pure income play. Investors who value a modest, potentially stabilising dividend can view the announcement as a slight positive catalyst, supporting a 5‑10 bp upside in the short term as the market digests the new policy. However, the dominant driver remains earnings growth and user‑base expansion. Traders might consider maintaining a core long position if they are bullish on Kanzhun’s market share gains, while using a tight stop‑loss (e.g., 4‑5 % below entry) to guard against any earnings miss that could delay or shrink the dividend. Relative‑value screens also suggest that Kanzhun could outperform peers on a total‑return basis if its growth trajectory stays ahead of the sector, even with a modest yield.