[photopress:zhaopin.jpg,full,alignright]Groaning with funds after last year’s $128 million Australian Stock Exchange float, a 25 per cent investment by the Australian Packer group’s PBL outfit and soaring revenue and profits, Australian online job web site Seek has paid $20 million for a 25 percent stake in Zhaopin, the recruitment site in China.
Zhaopin is one of the three leading online recruitment sites in China.
According to a Seek statement, the online employment classifieds market in China is expected to grow from $100 million in 2005 to more than $500 million by 2011.
Said CEO Andrew Bassat: ‘Zhaopin has a strong management team. We expect the addition of significant capital plus our ability to add value will ensure that Zhaopin becomes an even more formidable player in what is expected to be a very large market.’