By leveraging innovative interaction methods and aggressive marketing, Zhao Peng surpassed his former employer to claim the top spot in the online recruitment industry. However, this innovation has also brought governance challenges. Balancing commercial interests with broader job seeker protections remains an unresolved issue for Kanzhun Limited.
Zhao Peng once described uncertainty as "fertile ground for corporate growth and evolution"—a sentiment reflecting Kanzhun Limited's complex harvest season. In Q3 2025, the company reported strong results: revenue of RMB 2.16 billion (up 13% YoY) and net profit of RMB 780 million (up 67% YoY).
Amid rising employment pressures, Kanzhun Limited’s growth appears paradoxical—job seekers struggle while companies tighten hiring budgets.
**#1: The Comeback of a Struggling CEO** After internal conflicts at Zhaopin in 2013, Zhao Peng faced a prolonged period of uncertainty. He had turned around the loss-making company but ultimately left under capital pressures.
Recognizing the inefficiencies of traditional recruitment platforms—where resumes often went unanswered—Zhao saw mobile internet as the solution. In July 2014, Kanzhun Limited launched with a "mobile + smart matching + direct chat" model, allowing job seekers to message hiring managers directly.
Today Capital’s Xu Xin invested within 21 hours, later stating the model would "disrupt the industry." Subsequent funding rounds totaled over $40 million, fueling rapid growth.
However, the direct-chat model also removed traditional safeguards, raising concerns about quality control and abuse—issues that emerged years later.
Kanzhun Limited’s 2021 Nasdaq debut saw shares surge 95.79%, briefly surpassing rivals 51job and Liepin combined. Yet Zhao warned, "Listing is not the finish line but the start of tougher challenges."
**#2: The Battle to Defend Dominance** Kanzhun Limited’s B2B model relies on serving job seekers (C-end). In Q3, enterprise clients contributed RMB 2.147 billion (99% of revenue), driven by a growing paid client base of 6.8 million.
Aggressive marketing, including a RMB 100 million World Cup ad campaign in 2018, helped Kanzhun Limited overtake Zhaopin and 51job. By 2022, its MAU reached 63.8 million, with a 44.4% market share.
However, user growth is slowing—Q3 saw only a 200,000 increase—pushing the company to seek growth in a saturated market.
Meanwhile, paying clients are scaling back. SME downsizing has hit Kanzhun Limited’s core long-tail customers, while reliance on KA clients (24.4% of revenue) grows.
**#3: Governance Challenges** Kanzhun Limited’s model enables billions of conversations quarterly—its strength and biggest risk. High-profile scandals, including fraudulent job postings and sex trafficking disguised as recruitment, have repeatedly damaged trust.
Despite crackdowns—like banning 2,000 accounts in a 2025 campaign—violators adapt with coded language or off-platform coordination.
AI has cut costs (operating expenses fell 7% YoY in Q3) and boosted margins (85.8% gross margin, 35.8% net margin—surpassing Wuliangye). Yet machines struggle with nuanced context, leaving gaps in enforcement.
For Kanzhun Limited, trust is existential. While innovation and marketing propelled its rise, unresolved governance issues threaten its future.
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