智联招聘母公司Seek将增持智联股份

Seek Ltd. is spending US$105 million to raise its stake in Zhaopin Ltd., in the latest step toward an initial public offering of the Chinese employment website.

Seek Ltd.即将斥资1.05亿美元增持中国招聘网站智联招聘(Zhaopin Ltd.)，这是该公司为实现智联招聘首次公开募股(IPO)迈出的最新一步。

The ASX-listed online job advertiser said in a stock exchange filing Friday that it’s buying shares from Macquarie Group Ltd. -0.85% and other investors in order to raise its stake in Zhaopin from 55.5% to 72.3%.

同为招聘网站的Seek是澳大利亚交易所(ASX)上市公司。该公司在周五提交给交易所的备案材料里说，它将从麦格理集团(Macquarie Group Ltd.)和其他投资者手中购买股份，将自己在智联招聘的持股比例从55.5%提高到72.3%。

Of that, $55 million will be funded from Zhaopin’s cash balance, while the rest will come from Seek’s cash and debt facilities. At the end of last year, the Chinese online market place operator had around $122 million in cash, Seek said.

用于增持的资金当中，将有5,500万美元来自智联招聘的现金余额，其余来自Seek的现金和债务融资。Seek说，去年年底智联招聘拥有约1.22亿美元的现金。

Moreover, Seek plans to raise its controlling interest further to 79% by buying more shares from other investors, and possibly take that even higher next year.

另外，Seek还打算从其他投资者手中购买更多股份，从而将持股比例进一步提升至79%，明年甚至还有可能将持股比例提至更高。

The deal is an important step for Seek to make good on its long-standing aim to take Zhaopin public a move that has been delayed as the Chinese company expands into new cities and markets.

这次增持是Seek为实现很久以来让智联招聘上市的目标而迈出的重要一步。上市计划在智联招聘向新城市和新市场扩张的过程中被推迟。

“The simplification of Zhaopin’s capital structure will assist in its potential progression to an IPO,” Seek Managing Director Jason Lenga said in a statement. “As China’s urbanization and internet penetration increases, we expect it will be the world’s largest online employment marketplace.”

Seek的董事总经理伦加(Jason Lenga)发表声明说，简化智联招聘资本结构将有助于智联招聘向IPO的方向前进。他说，随着中国城镇化和互联网渗透率的上升，我们预计它将成为世界上最大的网络招聘市常

The deal implies Zhaopin has an enterprise value of around US$558 million 16 times the company’s earnings before interest, taxes, depreciation and amortization compared to the US$700 million to US$900 million that Morgan Stanley MS +3.67% analyst Andrew McLeod estimated it was worth in March.

这次增持将智联招聘的企业价值评估为5.58亿美元左右，是该公司息税折旧及摊销前利润(EBITDA)的16倍。据摩根士丹利(Morgan Stanley)分析师麦克劳德(Andrew McLeod)在2012年3月份的估计，智联招聘的企业价值在7亿美元到9亿美元之间。

Investors welcomed the news, sending Seek shares up 2.8% to an eight-month high of A$7.48.

增持消息受到投资者的欢迎，Seek股价上涨2.8%至7.48澳元，达到八个月最高。

Seek’s latest move comes as it expands its global footprint by raising stakes in other international businesses. Last month, the company announced it would buy the remaining shares in JobsDB, following similar moves in Mexico and Brazil earlier in the year.

在迈出最近这一步的同时，Seek也在通过增持其他国际企业扩大全球足迹。该公司上个月宣布将收购JobsDB剩余股份，今年早些时候也在墨西哥和巴西采取了类似措施。

Morgan Stanley reckons total online revenue for the industry will reach US$3.6 billion by 2015, at which time Zhaopin will have an estimated 42% share of the market, up from 24% in 2012.

摩根士丹利估计，到2015年，中国招聘行业线上收入总额将达到36亿美元，届时智联招聘的市场份额估计将从2012年的24%增至42%。