BofA Securities has initiated coverage of Kanzhun, the operator of China's leading online recruitment platform Boss Zhipin, with a neutral rating. According to analyst Miranda Zhuang, the company may face headwinds in the second half of 2026 due to softening macro conditions. The firm cited artificial intelligence as a risk to both labor demand and the job-board business model.
Boss Zhipin is exploring closed-loop recruitment services, which accounted for 2% of first-quarter 2026 revenue. The company aims to expand these services across employer sectors. Kanzhun maintains strong financial health with a gross profit margin of 85% and holds more cash than debt on its balance sheet.
Recent Developments
BofA Securities will monitor closed-loop revenue trends and watch for an inflection point when the services begin to scale up. Kanzhun has repurchased 777,884 ordinary shares for approximately RMB34 million, bringing its total share repurchases for the year to over RMB1.99 billion. Bernstein SocGen Group has upgraded Kanzhun's stock rating to Outperform from Market Perform, increasing the price target to $18.00. JPMorgan has initiated coverage on Kanzhun with an overweight rating and set a price target of $20.00.