Offshore Trust Insight | BOSS ZHIPIN-W (02076.HK) Down 2.50% Intraday; Controlling Shareholder's Trust Vehicle Sold 15.17 Million Shares for HKD 863 Million on September 21

On November 6, 2026, online recruitment and AI application themes traded divergently, and BOSS ZHIPIN-W (02076.HK) weakened. As of 13:42, the stock was quoted at HKD 68.150, down 2.50%, with a turnover of about HKD 20.99 million and a market capitalisation of about HKD 64.079 billion based on the latest price.

On the news front, on September 21, 2026, Zhao Peng sold 15.17 million Class A ordinary shares through his trust-held vehicle Techwolf Limited by way of a block trade on the Hong Kong Stock Exchange at HKD 56.90 per share, raising about HKD 863 million, a discount of about 2.7% to the previous trading day's closing price; of these, 4.4596 million were existing Class A shares and 10.7104 million were Class A shares issued upon conversion of Class B shares on a one-for-one basis in connection with the sale. Earlier, on September 10 and 11, the same vehicle sold 743,600 Class A ordinary shares for about US$6.1182 million. Following the disposals, Techwolf holds 110,996,801 Class B ordinary shares, representing about 11.80% of the issued shares. Bloomberg, citing people familiar with the matter, reported that the sale was related to the payment of taxes associated with offshore trusts; the claim has not been confirmed by the company, which has not disclosed the reason for the sale.

It is understood that Kanzhun listed on Nasdaq on June 11, 2021, offering 48 million American depositary shares at US$19.00 each and raising US$912 million, with each ADS representing two Class A ordinary shares; on December 22, 2022, the company completed a dual primary listing on the Main Board of HKEX by way of introduction, involving no new share issue. The company has a weighted voting rights structure, with one vote per Class A ordinary share and ten votes per Class B ordinary share. Based on the latest disclosure, the company has 940,266,324 issued shares, comprising 829,269,523 Class A shares and 110,996,801 Class B shares, and a market capitalisation of about HKD 64.079 billion at the current price.

In terms of shareholding structure, Zhao Peng holds 110,996,801 Class B ordinary shares through Techwolf Limited, representing about 11.80% of the issued shares, and can exercise about 57.2% of the voting rights on the basis of ten votes per Class B share. Among other major shareholders, according to the company's 2026 interim report, JPMorgan holds 59,092,377 Class A ordinary shares, or 7.20% of the Class A shares; Image Frame Investment (HK) Limited holds 54,972,151 shares, or 6.70%; and BlackRock, Inc. holds 52,225,083 shares, or 6.37%.

It is understood that the company's shareholding structure also involves an offshore family trust. According to the company's 2026 interim report and filings with the U.S. Securities and Exchange Commission, Zhao Peng is the settlor of a discretionary trust for the benefit of himself and his family, with UBS Trustees (B.V.I.) Limited as trustee; the holding chain runs trust → UBS Trustees (B.V.I.) Limited (trustee) → Techwolf Limited (BVI) → the company's Class B ordinary shares, corresponding to 110,996,801 shares, or about 11.80% of the issued shares. The name, establishment date and protector of the trust have not been disclosed.

Regarding offshore trusts, on July 24, 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts (Announcement No. 21 of 2026), bringing the entire life cycle of an offshore trust — establishment, existence and termination — into the individual income tax administration system, establishing three look-through points of establishment, existence and termination with a uniform 20% tax rate. The announcement specifies that during the existence of an offshore trust, income generated by an individual resident's offshore trust and by overseas entities held or controlled by that trust, whether actually distributed or not, is taxable to that individual resident, who must file and pay individual income tax on an annual basis. Article 6 of the announcement specifies that where, during the existence of an offshore trust of an individual resident, the individual resident becomes a non-resident individual, the taxable income is the balance after deducting the original value from the market value of the offshore trust's property on the day the individual becomes a non-resident, and individual income tax must be filed and paid. The 90-day supplementary filing window set by the announcement runs from July 24, 2026.

On the operating side, in the second quarter of 2026, BOSS Zhipin recorded revenue of RMB 2.399 billion, up 14.1% year on year; operating profit of RMB 863 million, up 32.6%, with an operating margin of 43.8%, up 5.0 percentage points; net profit of RMB 1.942 billion, up 173.1%, mainly from fair value gains on equity investments in investee companies; and adjusted net profit of RMB 1.029 billion, up 9.4%. Revenue for the first half was RMB 4.467 billion and net profit was RMB 3.102 billion. On operating metrics, average monthly active users in the second quarter were 70.2 million, up 10.4% year on year, and paid enterprise customers in the twelve months to the end of June were 7.2 million, up 10.8%. On shareholder returns, the company declared an annual cash dividend of about US$230 million, or US$0.255 per ordinary share, and has completed more than US$300 million of share buybacks this year.

CICC noted in a research report that BOSS Zhipin's operating leverage continued to be released in the second quarter, with gross margin improving year on year and lower R&D and administrative expense ratios lifting the adjusted operating margin; the company's AI applications have extended from recommendation to the full recruitment process, including talent sourcing, resume screening and interviews, with more than 10,000 AI interviews conducted on the platform each day, and revenue from AI-enabled and closed-loop services growing rapidly quarter on quarter. In the near term, the company will continue to lift average revenue per user by improving matching efficiency, extending service coverage and deepening monetisation.