Singapore-based Serenity Capital Management disclosed a purchase of 1 million additional shares of Kanzhun Limited (BZ 1.60%), adding approximately $45.6 million as of a November 13 SEC filing.
What Happened
According to a filing with the U.S. Securities and Exchange Commission dated November 13, Serenity Capital Management Pte. Ltd. increased its position in Kanzhun Limited (BZ 1.60%) by 1 million shares. The fund’s total holding reached 5 million shares valued at $117.6 million at quarter-end, which is 29.9% of its $394 million in reportable U.S. equity assets.
What Else to Know
The fund bought additional shares of Kanzhun Limited, bringing the position to 29.9% of 13F AUM, its largest holding as of September 30.
Top holdings after the filing:
- NASDAQ: BZ: $117.6 million (29.9% of AUM)
- NYSE: ZTO: $97.1 million (24.6% of AUM)
- NYSE: TAL: $53 million (13.4% of AUM)
- NASDAQ: HTHT: $49.8 million (12.6% of AUM)
- NYSE: EDU: $34.9 million (8.8% of AUM)
As of Friday, shares were priced at $21.09, up 54% over one year and well outperforming the S&P 500's 16% gain in the same period.
Company Overview
| Metric | Value |
|---|---|
| Market Capitalization | $9.8 billion |
| Revenue (TTM) | $8 billion |
| Net Income (TTM) | $2.5 billion |
| Price (as of Friday) | $21.09 |
Company Snapshot
- Kanzhun Limited operates BOSS Zhipin, an online recruitment platform connecting job seekers and employers, generating revenue primarily from recruitment-related services.
- The company targets businesses and job seekers across China, with a focus on digital recruitment for enterprises of varying sizes.
- It employs over 5,000 staff and is headquartered in Beijing, serving the staffing and employment services sector.
Kanzhun Limited leverages technology to streamline recruitment in China’s competitive labor market. Its scalable platform and data-driven approach help match employers with qualified candidates efficiently.
Foolish Take
After China’s regulatory shock crushed valuations across education, tech, and employment platforms, capital that stayed on the sidelines has been slow to return. This move signals a belief that the recovery in China’s hiring market is becoming durable rather than cyclical.
Serenity Capital Management’s portfolio context reinforces that signal. Its positions cluster around Chinese platforms tied to consumption, logistics, education, and employment, suggesting a thematic bet on domestic demand stabilizing rather than a one-off trade. Making this company nearly 30% of reported U.S. equity assets elevates it well above a typical “watch position.”
Operationally, the fundamentals are improving. In the most recent quarter, revenue rose 13% year over year to roughly $304 million, driven by double-digit growth in paid enterprise customers and monthly active users. Operating income more than doubled, while net income climbed over 65%. The stock remains far below its post-IPO highs, but improving margins, strong cash reserves, and expanding enterprise adoption suggest this is no longer a purely sentiment-driven rebound. The bet appears to be that earnings power, not nostalgia, drives the next leg.
Glossary
Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
13F Reportable Assets: U.S. equity securities that institutional investment managers must disclose quarterly to the SEC on Form 13F.
Net Position Change: The difference in the number or value of shares held in a security after a transaction.
Quarter-End: The last day of a company or fund's fiscal quarter, used for financial reporting.
Outperforming the S&P 500: Achieving a higher return than the S&P 500 index over a specified period.
Filing: An official document submitted to a regulatory authority, such as the SEC, disclosing financial or ownership information.
TTM: The 12-month period ending with the most recent quarterly report.
