IT industry: Seek buys 25% of Zhaopin
(Shenzhen Daily)
Updated: 2006-09-21 14:56 Seek buys 25% of Zhaopin
Australian online recruitment firm Seek Ltd said yesterday it will pay
US$20 million for a 25 percent stake in Zhaopin Ltd, one of the top three
Internet employment sites in China. Seek said it will give strategic advice and
operational support to Zhaopin as part of its first investment outside Australia
and New Zealand. Zhaopin has notched growth of 100 percent or more in each of
the last three years, banking on a new mobility in a job market where lifetime
employment at State-owned firms was once the norm.
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