|
51job, Inc.
Building 3, No. 1387 Zhang Dong Road Shanghai 201203 People’s Republic of China Tel: +86 21 6160 1888 |
| |
Garnet Faith Limited
DCP Capital Partners II, L.P. Oriental Poppy Limited c/o DCP Capital 21/F, York House, The Landmark 15 Queen’s Road, Central Hong Kong Tel: +852 2878 9193 |
|
|
Nanyan Zheng
Tianyi Jiang Alliance Ascend GP Limited Alliance Ascend L.P. Ocean Link Partners II GP Limited Ocean Link Partners II GP, L.P. Ocean Link Partners II, L.P. Ocean Ascend Holding Limited Ocean Ascend Limited Unit 2823, 28/F, AIA Central 1 Connaught Road, Central Hong Kong Tel: +852 3651 6101 |
| |
Recruit Holdings Co., Ltd.
GranTokyo South Tower 1-9-2 Marunouchi, Chiyoda-ku Tokyo 100-6640 Japan Tel: +81 3 6835 1111 |
| |
Rick Yan
RY Holdings Inc. RY Elevate Inc. 51 Elevate Limited Building 3, No. 1387 Zhang Dong Road Shanghai 201203 People’s Republic of China Tel: +86 21 6160 1888 |
|
|
Kathleen Chien
Building 3, No. 1387 Zhang Dong Road Shanghai 201203 People’s Republic of China Tel: +86 21 6160 1888 |
| |
LLW Holding Ltd.
c/o 20F, Tower C Star City International Plaza 10 Jiuxianqiao Road, Chaoyang District Beijing 100016 People’s Republic of China Tel: +86 10 5827 3388 |
|
|
Miranda So, Esq.
Davis Polk & Wardwell LLP The Hong Kong Club Building 3A Chater Road, Central Hong Kong Tel: +852 2533 3373 |
| |
Ian C. Ho, Esq.
Simpson Thacher & Bartlett 35th Floor ICBC Tower 3 Garden Road, Central Hong Kong Tel: +852 2514 7600 |
| |
Judie Ng Shortell, Esq.
Paul, Weiss, Rifkind, Wharton & Garrison LLP Unit 5201, Fortune Financial Center 5 Dongsanhuan Zhonglu Chaoyang District Beijing 100020 People’s Republic of China Tel: +86 10 5828 6318 |
|
|
Tim Gardner, Esq.
William Welty, Esq. Weil, Gotshal & Manges LLP 29/F, Alexandra House 18 Chater Road, Central Hong Kong Tel: +852 3476 9000 |
| |
Daniel Dusek, Esq.
Joseph Raymond Casey, Esq. Kirkland & Ellis 26th Floor, Gloucester Tower The Landmark 15 Queen’s Road, Central Hong Kong Tel: +852 3761 3300 |
| |
Brian E. Hamilton, Esq.
Sullivan & Cromwell LLP 125 Broad Street New York, New York 10004 Tel: +1 212 558 4000 |
|
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Sincerely,
/s/ Eric He
Eric He
|
| |
Sincerely,
/s/ David K. Chao
|
|
| | | David K. Chao | | |
| Member of the Special Committee | | | Chairman of the Board | |
| | | |
BY ORDER OF THE BOARD OF DIRECTORS,
|
|
| | | |
/s/ David K. Chao
David K. Chao
Chairman of the Board March 29, 2022 |
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| | | | | A-1 | | | | |||
| | | | | A-72 | | | | |||
| | | | | B-1 | | | | |||
| | | | | C-1 | | | | |||
| | | | | D-1 | | | | |||
| | | | | E-1 | | | | |||
| | | | | F-1 | | | | |||
| | | | | G-1 | | | |
| | |
Company Projections
For the Fiscal Year Ending December 31,(1) |
| |||||||||||||||||||||||||||
| | |
2021P
|
| |
2022P
|
| |
2023P
|
| |
2024P
|
| |
2025P
|
| |||||||||||||||
| | |
(in RMB millions except percentages)
|
| |||||||||||||||||||||||||||
Net Revenues
|
| | | | 4,386.54 | | | | | | 4,865.59 | | | | | | 5,433.77 | | | | | | 6,008.56 | | | | | | 6,622.53 | | |
Cost of Services
|
| | | | (1,614.96) | | | | | | (1,806.16) | | | | | | (1,996.20) | | | | | | (2,151.16) | | | | | | (2,322.26) | | |
Gross Profit
|
| | | | 2,771.58 | | | | | | 3,059.43 | | | | | | 3,437.57 | | | | | | 3,857.40 | | | | | | 4,300.27 | | |
Margin %
|
| | | | 63.2% | | | | | | 62.9% | | | | | | 63.3% | | | | | | 64.2% | | | | | | 64.9% | | |
Total Operating Expenses
|
| | | | (2,274.49) | | | | | | (2,793.45) | | | | | | (2,997.96) | | | | | | (3,201.93) | | | | | | (3,432.53) | | |
Income from Operations
|
| | | | 497.08 | | | | | | 265.98 | | | | | | 439.62 | | | | | | 655.48 | | | | | | 867.74 | | |
Margin %
|
| | | | 11.3% | | | | | | 5.5% | | | | | | 8.1% | | | | | | 10.9% | | | | | | 13.1% | | |
Net Income
|
| | | | 675.17 | | | | | | 566.90 | | | | | | 736.30 | | | | | | 942.85 | | | | | | 1,151.07 | | |
Margin %
|
| | | | 15.4% | | | | | | 11.7% | | | | | | 13.6% | | | | | | 15.7% | | | | | | 17.4% | | |
Capital Expenditures(2)
|
| | | | (65.00) | | | | | | (70.00) | | | | | | (100.00) | | | | | | (105.00) | | | | | | (140.00) | | |
| | |
Prior Company Projections
For the Fiscal Year Ending December 31,(1) |
| |||||||||||||||||||||||||||
| | |
2021P
|
| |
2022P
|
| |
2023P
|
| |
2024P
|
| |
2025P
|
| |||||||||||||||
| | |
(in RMB millions except percentages)
|
| |||||||||||||||||||||||||||
Net Revenues
|
| | | | 4,047.64 | | | | | | 4,622.13 | | | | | | 5,231.80 | | | | | | 5,902.41 | | | | | | 6,639.20 | | |
Cost of Services
|
| | | | (1,369.38) | | | | | | (1,554.18) | | | | | | (1,724.82) | | | | | | (1,934.36) | | | | | | (2,138.30) | | |
Gross Profit
|
| | | | 2,678.25 | | | | | | 3,067.95 | | | | | | 3,506.98 | | | | | | 3,968.05 | | | | | | 4,500.89 | | |
Margin %
|
| | | | 66.2% | | | | | | 66.4% | | | | | | 67.0% | | | | | | 67.2% | | | | | | 67.8% | | |
Total Operating Expenses
|
| | | | (2,225.99) | | | | | | (2,350.99) | | | | | | (2,474.56) | | | | | | (2,586.28) | | | | | | (2,738.65) | | |
Income from Operations
|
| | | | 452.26 | | | | | | 716.96 | | | | | | 1,032.42 | | | | | | 1,381.77 | | | | | | 1,762.24 | | |
Margin %
|
| | | | 11.2% | | | | | | 15.5% | | | | | | 19.7% | | | | | | 23.4% | | | | | | 26.5% | | |
Net Income
|
| | | | 704.47 | | | | | | 946.35 | | | | | | 1,242.77 | | | | | | 1,571.19 | | | | | | 1,929.02 | | |
Margin %
|
| | | | 17.4% | | | | | | 20.5% | | | | | | 23.8% | | | | | | 26.6% | | | | | | 29.1% | | |
Capital Expenditures(2)
|
| | | | (65.00) | | | | | | (70.00) | | | | | | (100.00) | | | | | | (105.00) | | | | | | (140.00) | | |
| | | | | | |
REVENUE GROWTH
|
| |
EBITDA GROWTH
|
| |
EBITDA MARGIN
|
| | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Company Name
|
| |
3-YR
CAGR |
| |
LTM
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
3-YR
CAGR |
| |
LTM
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
3-YR
AVG |
| |
LTM
|
| |
2021
|
| |
2022
|
| |
2023
|
| | | |||||||||||||||||||||||||||||||||||||||||||||||
| | | |
Recruit Holdings Co., Ltd.
|
| | | | 1.5% | | | | | | -5.4% | | | | | | 7.3% | | | | | | 11.0% | | | | | | 8.1% | | | | | | -2.0% | | | | | | -25.7% | | | | | | 0.2% | | | | | | 46.9% | | | | | | 16.9% | | | | | | 12.3% | | | | | | 10.7% | | | | | | 10.7% | | | | | | 14.1% | | | | | | 15.3% | | | | | ||
| | | |
Randstad N.V.
|
| | | | -3.8 | | | | | | -10.9 | | | | | | 12.3 | | | | | | 2.5 | | | | | | 5.7 | | | | | | -14.3 | | | | | | -29.2 | | | | | | 61.7 | | | | | | 8.6 | | | | | | 8.0 | | | | | | 4.2 | | | | | | 3.5 | | | | | | 4.7 | | | | | | 5.0 | | | | | | 5.1 | | | | | ||
| | | |
SEEK Limited
|
| | | | 6.8 | | | | | | -10.7 | | | | | | 16.5 | | | | | | 19.6 | | | | | | NA | | | | | | -6.6 | | | | | | -31.8 | | | | | | 30.2 | | | | | | 30.6 | | | | | | NA | | | | | | 37.0 | | | | | | 29.2 | | | | | | 32.7 | | | | | | 35.7 | | | | | | NA | | | | | ||
| | | |
Tongdao Liepin Group
|
| | | | 31.4 | | | | | | 32.6 | | | | | | 32.0 | | | | | | 15.2 | | | | | | 13.0 | | | | | | 57.7 | | | | | | 90.9 | | | | | | 66.4 | | | | | | 43.9 | | | | | | 32.7 | | | | | | 2.8 | | | | | | 7.9 | | | | | | 10.4 | | | | | | 13.0 | | | | | | 15.2 | | | | | ||
| | | |
en-japan inc.
|
| | | | 1.6 | | | | | | -24.8 | | | | | | 7.2 | | | | | | 16.5 | | | | | | 11.5 | | | | | | -4.8 | | | | | | -23.0 | | | | | | 16.3 | | | | | | 24.8 | | | | | | 16.8 | | | | | | 24.1 | | | | | | 22.7 | | | | | | 22.9 | | | | | | 24.5 | | | | | | 25.7 | | | | | ||
| | | |
DHI Group, Inc.
|
| | | | -13.0 | | | | | | -10.8 | | | | | | -1.5 | | | | | | 7.5 | | | | | | NA | | | | | | -6.0 | | | | | | -24.5 | | | | | | -5.8 | | | | | | 23.5 | | | | | | NA | | | | | | 17.5 | | | | | | 15.5 | | | | | | 16.5 | | | | | | 18.9 | | | | | | NA | | | | | ||
| | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | Mean | | | | | 4.1% | | | | | | -5.0% | | | | | | 12.3% | | | | | | 12.0% | | | | | | 9.6% | | | | | | 4.0% | | | | | | -7.2% | | | | | | 28.2% | | | | | | 29.7% | | | | | | 18.6% | | | | | | 16.3% | | | | | | 14.9% | | | | | | 16.3% | | | | | | 18.5% | | | | | | 15.3% | | | | | ||
| | | | Median | | | | | 1.5% | | | | | | -10.7% | | | | | | 9.8% | | | | | | 13.1% | | | | | | 9.8% | | | | | | -5.4% | | | | | | -25.1% | | | | | | 23.2% | | | | | | 27.7% | | | | | | 16.9% | | | | | | 14.9% | | | | | | 13.1% | | | | | | 13.6% | | | | | | 16.5% | | | | | | 15.3% | | | | | ||
| | | |
51job, Inc.
|
| | | | 8.6% | | | | | | -2.2% | | | | | | 9.7% | | | | | | 14.2% | | | | | | 13.2% | | | | | | 3.1% | | | | | | -27.9% | | | | | | -36.4% | | | | | | 38.1% | | | | | | 33.3% | | | | | | 35.3% | | | | | | 25.3% | | | | | | 17.7% | | | | | | 21.4% | | | | | | 25.2% | | | | |
| | | | | | |
ENTERPRISE VALUE AS MULTIPLE OF
|
| | | | | ||||||||||||
| | | | | | |
LTM
EBITDA |
| |
2021
EBITDA |
| |
2022
EBITDA |
| |
2023
EBITDA |
| |
LTM
Revenue |
| | | ||
| | | |
Recruit Holdings Co., Ltd.
|
| |
30.6x
|
| |
28.8x
|
| |
20.3x
|
| |
17.5x
|
| |
3.81x
|
| | | ||
| | | |
Randstad N.V.
|
| |
12.7
|
| |
8.8
|
| |
8.2
|
| |
7.6
|
| |
0.56
|
| | | ||
| | | |
SEEK Limited
|
| |
42.1
|
| |
32.7
|
| |
25.3
|
| |
NA
|
| |
13.68
|
| | | ||
| | | |
Tongdao Liepin Group
|
| |
31.7
|
| |
20.8
|
| |
15.0
|
| |
11.6
|
| |
3.20
|
| | | ||
| | | |
en-japan inc.
|
| |
14.8
|
| |
12.7
|
| |
10.2
|
| |
8.7
|
| |
3.40
|
| | | ||
| | | |
DHI Group, Inc.
|
| |
7.2
|
| |
6.7
|
| |
5.4
|
| |
NA
|
| |
1.12
|
| | | ||
| | | | | | | | | | |||||||||||||||
| | | |
Mean
|
| |
23.2x
|
| |
18.4x
|
| |
14.1x
|
| |
11.4x
|
| |
4.30x
|
| | | ||
| | | |
Median
|
| |
22.7x
|
| |
16.7x
|
| |
12.6x
|
| |
10.2x
|
| |
3.30x
|
| | |
Announced
|
| |
Target Name
|
| |
Acquirer Name
|
| |
Enterprise
Value |
| |
LTM
Revenue |
| | |
LTM
EBITDA |
| |
EBITDA
Margin |
| |
EV /
Revenue |
| |
EV /
EBITDA |
| | | ||||||||||||||||||||
| | | | | | | | |
(in US$ millions)
|
| | | | | | | | | | |||||||||||||||||||||||||||||
4/2/2020
|
| | 58.com Inc. | | |
General Atlantic; Warburg
Pincus Asia LLC; Ohio River Investment Limited; Ocean Link; THL E Limited; Huang River Investment Limited |
| | | $ | 7,987 | | | | | $ | 2,131 | | | | | | $ | 813 | | | | | | 38.2% | | | | | | 3.75x | | | | | | 9.8x | | | | | ||
8/7/2018
|
| |
Harvey Nash Group plc
(nka:Harvey Nash Group Limited) |
| | DBAY Advisors Limited | | | | $ | 157 | | | | | $ | 741 | | | | | | $ | 13 | | | | | | 1.7% | | | | | | 0.21x | | | | | | 12.3x | | | | | ||
5/8/2018
|
| | Glassdoor, Inc. | | | Recruit Holdings Co., Ltd. | | | | $ | 1,200 | | | | | $ | 171 | | | | | | | NA | | | | | | NA | | | | | | 7.03x | | | | | | NA | | | | | ||
6/19/2017
|
| | CareerBuilder, LLC | | |
Apollo Global Management; Ontario Teachers’ Pension Plan Board; Apollo Special Situations Fund, L.P.
|
| | | $ | 627 | | | | | $ | 714 | | | | | | | NA | | | | | | NA | | | | | | 0.88x | | | | | | NA | | | | | ||
2/17/2017
|
| | Zhaopin Limited | | |
Hillhouse Capital
Management, Ltd.; FountainVest Partners; SEEK International Investments Pty Ltd |
| | | $ | 747 | | | | | $ | 247 | | | | | | $ | 59 | | | | | | 23.7% | | | | | | 3.03x | | | | | | 12.8x | | | | | ||
12/14/2016
|
| |
Orizon Holding GmbH
|
| | OUTSOURCING Inc. | | | | $ | 87 | | | | | $ | 283 | | | | | | | NA | | | | | | NA | | | | | | 0.31x | | | | | | NA | | | | | ||
8/9/2016
|
| |
Monster Worldwide, Inc.
|
| |
Randstad North America, Inc.
|
| | | $ | 386 | | | | | $ | 635 | | | | | | $ | 76 | | | | | | 11.9% | | | | | | 0.61x | | | | | | 5.1x | | | | | ||
6/13/2016
|
| | LinkedIn Corporation | | | Microsoft Corporation | | | | $ | 25,880 | | | | | $ | 3,214 | | | | | | $ | 266 | | | | | | 8.3% | | | | | | 8.05x | | | | | | NM | | | | | ||
5/20/2016
|
| | Obiettivo Lavoro SpA | | | Randstad Holding NV (nka:Randstad N.V.) | | | | $ | 115 | | | | | $ | 489 | | | | | | $ | 23 | | | | | | 4.6% | | | | | | 0.24x | | | | | | 5.1x | | | | | ||
8/9/2016
|
| | Penna Consulting plc | | | Olsten (U.K.) Holdings Limited | | | | $ | 129 | | | | | $ | 129 | | | | | | $ | 9 | | | | | | 6.7% | | | | | | 1.00x | | | | | | 14.9x | | | | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | Mean | | | | | | | | | | | 2.51x | | | | | | 10.0x | | | | | | | |||
| | | | | | | | | | | | | | | | | | | | | | Median | | | | | | | | | | | 0.94x | | | | | | 11.0x | | | | |
| | |
REVENUE GROWTH
|
| |
EBITDA GROWTH
|
| |
EBITDA MARGIN
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Name
|
| |
3-YR
CAGR |
| |
LTM
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
3-YR
CAGR |
| |
LTM
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
3-YR
AVG |
| |
LTM
|
| |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||||||||||
Recruit Holdings Co.,
Ltd. |
| | | | 1.5% | | | | | | 21.3% | | | | | | 21.3 | | | | | | 8.5% | | | | | | 7.2% | | | | | | -0.2% | | | | | | 71.8% | | | | | | 71.8% | | | | | | -4.0% | | | | | | 22.3% | | | | | | 12.5% | | | | | | 16.5% | | | | | | 16.5% | | | | | | 15.9% | | | | | | 18.2% | | |
Randstad N.V.
|
| | | | 1.1 | | | | | | 18.9 | | | | | | 18.9 | | | | | | 8.7 | | | | | | 2.6 | | | | | | 0.5 | | | | | | 70.1 | | | | | | 70.1 | | | | | | 33.2 | | | | | | 7.7 | | | | | | 4.2 | | | | | | 4.7 | | | | | | 4.7 | | | | | | 5.8 | | | | | | 6.1 | | |
Kanzhun Limited
|
| | | | NA | | | | | | NA | | | | | | 116.3 | | | | | | 84.7 | | | | | | 55.7 | | | | | | NA | | | | | | NA | | | | | | NM | | | | | | NM | | | | | | 131.9 | | | | | | -48.0 | | | | | | -46.7 | | | | | | -24.0 | | | | | | 17.9 | | | | | | 26.6 | | |
SEEK Limited
|
| | | | -3.5 | | | | | | NA | | | | | | NA | | | | | | 16.6 | | | | | | 7.1 | | | | | | -5.1 | | | | | | NA | | | | | | NA | | | | | | 29.9 | | | | | | 9.1 | | | | | | 37.9 | | | | | | 49.2 | | | | | | 49.2 | | | | | | 47.4 | | | | | | 48.3 | | |
Tongdao Liepin Group
|
| | | | 31.4 | | | | | | 48.6 | | | | | | 32.0 | | | | | | 15.2 | | | | | | 13.0 | | | | | | 57.7 | | | | | | 135.6 | | | | | | 66.4 | | | | | | 43.9 | | | | | | 32.7 | | | | | | 2.8 | | | | | | 8.9 | | | | | | 10.4 | | | | | | 13.0 | | | | | | 15.2 | | |
en-japan inc.
|
| | | | 1.6 | | | | | | 9.7 | | | | | | 9.7 | | | | | | 18.9 | | | | | | 10.9 | | | | | | -4.8 | | | | | | 14.9 | | | | | | 14.9 | | | | | | 0.7 | | | | | | 20.6 | | | | | | 24.1 | | | | | | 24.3 | | | | | | 24.3 | | | | | | 20.7 | | | | | | 22.5 | | |
DHI Group, Inc.
|
| | | | -9.5 | | | | | | 7.9 | | | | | | 7.9 | | | | | | 15.2 | | | | | | 11.7 | | | | | | -10.7 | | | | | | -0.9 | | | | | | -0.9 | | | | | | -11.4 | | | | | | 27.1 | | | | | | 22.0 | | | | | | 14.4 | | | | | | 14.4 | | | | | | 13.9 | | | | | | 15.8 | | |
Mean | | | | | 3.8% | | | | | | 21.3% | | | | | | 34.3% | | | | | | 24.0% | | | | | | 15.5% | | | | | | 6.2% | | | | | | 58.3% | | | | | | 44.5% | | | | | | 15.4% | | | | | | 35.9% | | | | | | 7.9% | | | | | | 10.2% | | | | | | 13.6% | | | | | | 19.2% | | | | | | 21.8% | | |
Median | | | | | 1.3% | | | | | | 18.9% | | | | | | 20.1% | | | | | | 15.2% | | | | | | 10.9% | | | | | | -2.5% | | | | | | 70.1% | | | | | | 66.4% | | | | | | 15.3% | | | | | | 22.3% | | | | | | 12.5% | | | | | | 14.4% | | | | | | 14.4% | | | | | | 15.9% | | | | | | 18.2% | | |
| | |
ENTERPRISE VALUE AS MULTIPLE OF
|
| |||||||||||||||||||||||||||
| | |
LTM
EBITDA |
| |
2021
EBITDA |
| |
2022
EBITDA |
| |
2023
EBITDA |
| |
LTM
Revenue |
| |||||||||||||||
Recruit Holdings Co., Ltd.
|
| | | | 14.6x | | | | | | 14.6x | | | | | | 13.7x | | | | | | 11.3x | | | | | | 2.63x | | |
Randstad N.V.
|
| | | | 8.7 | | | | | | 8.7 | | | | | | 7.5 | | | | | | 7.0 | | | | | | 0.47 | | |
Kanzhun Limited
|
| | | | NM | | | | | | NM | | | | | | NM | | | | | | 25.0 | | | | | | 21.07 | | |
SEEK Limited
|
| | | | 21.0 | | | | | | 21.0 | | | | | | 19.2 | | | | | | 17.6 | | | | | | 10.64 | | |
Tongdao Liepin Group
|
| | | | 21.6 | | | | | | 18.2 | | | | | | 13.2 | | | | | | 10.2 | | | | | | 2.32 | | |
en-japan inc.
|
| | | | 7.8 | | | | | | 7.8 | | | | | | 7.7 | | | | | | 6.4 | | | | | | 1.91 | | |
DHI Group, Inc.
|
| | | | 15.9 | | | | | | 15.9 | | | | | | 14.4 | | | | | | 11.3 | | | | | | 2.30 | | |
Mean | | | | | 14.9x | | | | | | 14.4x | | | | | | 12.6x | | | | | | 12.7x | | | | | | 5.91x | | |
Median | | | | | 15.2x | | | | | | 15.2x | | | | | | 13.4x | | | | | | 11.3x | | | | | | 2.32x | | |
Announced
|
| |
Target Name
|
| |
Acquirer Name
|
| |
Enterprise
Value |
| |
LTM
Revenue |
| |
LTM
EBITDA |
| |
EBITDA
Margin |
| |
EV /
Revenue |
| |
EV /
EBITDA |
| ||||||||||||||||||
| | | | | | | | |
(in US$ millions)
|
| | | | ||||||||||||||||||||||||||||||
1/6/2022
|
| | Dimples’ Co., Ltd. | | | World Holdings Co., Ltd. | | | | $ | 36 | | | | | $ | 83 | | | | | | NA | | | | | | NA | | | | | | 0.44x | | | | | | NA | | |
3/31/2021
|
| | Alma Career Oy | | | Alma Media Oyj | | | | $ | 412 | | | | | $ | 74 | | | | | $ | 28 | | | | | | 38.1% | | | | | | 5.60x | | | | | | 14.7x | | |
3/15/2021
|
| |
Work Service S.A. (nka:Gi Group Poland S.A.)
|
| | GI International S.R.L. | | | | $ | 68 | | | | | $ | 228 | | | | | $ | 6 | | | | | | 2.5% | | | | | | 0.30x | | | | | | 12.2x | | |
4/2/2020
|
| | 58.com Inc. | | |
General Atlantic; Warburg Pincus
Asia LLC; Ohio River Investment Limited; Ocean Link; THL E Limited; Huang River Investment Limited |
| | | $ | 7,987 | | | | | $ | 2,131 | | | | | $ | 813 | | | | | | 38.2% | | | | | | 3.75x | | | | | | 9.8x | | |
8/7/2018
|
| |
Harvey Nash Group plc
(nka:Harvey Nash Group Limited) |
| | DBAY Advisors Limited | | | | $ | 157 | | | | | $ | 741 | | | | | $ | 13 | | | | | | 1.7% | | | | | | 0.21x | | | | | | 12.3x | | |
5/8/2018
|
| | Glassdoor, Inc. | | | Recruit Holdings Co., Ltd. | | | | $ | 1,200 | | | | | $ | 171 | | | | | | NA | | | | | | NA | | | | | | 7.03x | | | | | | NA | | |
6/19/2017
|
| | CareerBuilder, LLC | | |
Apollo Global Management; Ontario Teachers’ Pension Plan Board; Apollo Special Situations Fund, L.P.
|
| | | $ | 627 | | | | | $ | 714 | | | | | | NA | | | | | | NA | | | | | | 0.88x | | | | | | NA | | |
2/17/2017
|
| | Zhaopin Limited | | |
Hillhouse Capital Management,
Ltd.; FountainVest Partners; SEEK International Investments Pty Ltd |
| | | $ | 747 | | | | | $ | 247 | | | | | $ | 59 | | | | | | 23.7% | | | | | | 3.03x | | | | | | 12.8x | | |
12/14/2016
|
| | Orizon Holding GmbH | | | OUTSOURCING Inc. | | | | $ | 87 | | | | | $ | 283 | | | | | | NA | | | | | | NA | | | | | | 0.31x | | | | | | NA | | |
8/9/2016
|
| | Monster Worldwide, Inc. | | | Randstad North America, Inc. | | | | $ | 386 | | | | | $ | 635 | | | | | $ | 76 | | | | | | 11.9% | | | | | | 0.61x | | | | | | 5.1x | | |
6/13/2016
|
| | LinkedIn Corporation | | | Microsoft Corporation | | | | $ | 25,880 | | | | | $ | 3,214 | | | | | $ | 266 | | | | | | 8.3% | | | | | | 8.05x | | | | | | NM | | |
5/20/2016
|
| | Obiettivo Lavoro SpA | | |
Randstad Holding NV (nka:Randstad N.V.)
|
| | | $ | 115 | | | | | $ | 489 | | | | | $ | 23 | | | | | | 4.6% | | | | | | 0.24x | | | | | | 5.1x | | |
3/9/2016
|
| | Penna Consulting plc | | | Olsten (U.K.) Holdings Limited | | | | $ | 129 | | | | | $ | 129 | | | | | $ | 9 | | | | | | 6.7% | | | | | | 1.00x | | | | | | 14.9x | | |
| | | | | | | | | | | | | | | | | | | | | | | Mean | | | | | | | | | | | | 2.42x | | | | | | 10.8x | | |
| | | | | | | | | | | | | | | | | | | | | | | Median | | | | | | | | | | | | 0.88x | | | | | | 12.2x | | |
| | |
Ownership Prior to the Merger(1)
|
| |
Ownership Immediately After the Merger
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Net Book Value
|
| |
Net Earnings
|
| |
Net Book Value
|
| |
Net Earnings
|
| ||||||||||||||||||||||||||||||||||||
Name
|
| |
US$’000
|
| |
%
|
| |
US$’000
|
| |
%
|
| |
US$’000
|
| |
%
|
| |
US$’000
|
| |
%
|
| ||||||||||||||||||||||||
Buyer Consortium
|
| | | | 347,683 | | | | | | 18.3% | | | | | | 30,834 | | | | | | 18.3% | | | | | | 726,248 | | | | | | 38.3% | | | | | | 64,405 | | | | | | 38.3% | | |
Other Continuing Shareholders and
their affiliates |
| | | | 718,102 | | | | | | 37.9% | | | | | | 63,685 | | | | | | 37.9% | | | | | | 1,169,962 | | | | | | 61.7% | | | | | | 103,755 | | | | | | 61.7% | | |
Name
|
| |
Percentage of
equity of the Surviving Company at the Effective Time |
| |||
Founder Filing Persons
|
| | | | 34.44% | | |
Recruit
|
| | | | 57.61% | | |
DCP Filing Persons
|
| | | | 2.63% | | |
Ocean Link Filing Persons
|
| | | | 1.19% | | |
Ms. Chien
|
| | | | 3.50% | | |
LLW Holding
|
| | | | 0.63% | | |
Total
|
| | | | 100.00% | | |
Name
|
| |
Percentage of
equity of the Surviving Company following completion of the Subsequent Transactions |
| |||
Founder Filing Persons
|
| | | | 45.56% | | |
Recruit
|
| | | | 39.90% | | |
DCP Filing Persons
|
| | | | 6.89% | | |
Ocean Link Filing Persons
|
| | | | 3.10% | | |
Ms. Chien
|
| | | | 3.86% | | |
LLW Holding
|
| | | | 0.69% | | |
Total
|
| | | | 100.00% | | |
| | |
Shares
|
| |
Company Options
|
| |
Total
|
| |||||||||||||||||||||||||||
Name of Directors and Executive
Officers |
| |
Shares
Beneficially Owned (Excluding Continuing Shares) |
| |
Cash
Payment Thereof (US$) |
| |
Shares
Underlying Vested Company Options |
| |
Weighted
Average Exercise Price (US$) |
| |
Cash
Payment Therefor (US$) |
| |
Total
Cash Payment (US$) |
| ||||||||||||||||||
David K. Chao
|
| | | | 235,823 | | | | | | 14,385,203 | | | | | | 21,875 | | | | | | 34.48 | | | | | | 580,125 | | | | | | 14,965,328 | | |
Rick Yan
|
| | | | — | | | | | | — | | | | | | 468,000 | | | | | | 41.90 | | | | | | 8,939,520 | | | | | | 8,939,520 | | |
Junichi Arai
|
| | | | — | | | | | | — | | | | | | 60,000 | | | | | | 56.68 | | | | | | 259,200 | | | | | | 259,200 | | |
Li-Lan Cheng
|
| | | | — | | | | | | — | | | | | | 30,000 | | | | | | 56.68 | | | | | | 129,600 | | | | | | 129,600 | | |
Kathleen Chien
|
| | | | 20,000 | | | | | | 1,220,000 | | | | | | 468,000 | | | | | | 41.90 | | | | | | 8,939,520 | | | | | | 10,159,520 | | |
Jingwu Chen
|
| | | | 2,000 | | | | | | 122,000 | | | | | | 113,525 | | | | | | 48.49 | | | | | | 1,420,588 | | | | | | 1,542,588 | | |
Tao Wang
|
| | | | 24,000 | | | | | | 1,464,000 | | | | | | 155,800 | | | | | | 39.94 | | | | | | 3,281,528 | | | | | | 4,745,528 | | |
| | |
Shares
|
| |
Company Options
|
| |
Total
|
| |||||||||||||||||||||||||||
Name of Directors and Executive
Officers |
| |
Shares
Beneficially Owned (Excluding Continuing Shares) |
| |
Cash
Payment Thereof (US$) |
| |
Shares
Underlying Vested Company Options |
| |
Weighted
Average Exercise Price (US$) |
| |
Cash
Payment Therefor (US$) |
| |
Total
Cash Payment (US$) |
| ||||||||||||||||||
All directors and executive officers as a group
|
| | | | 281,823 | | | | | | 17,191,203 | | | | | | 1,317,200 | | | | | | 43.12 | | | | | | 23,550,081 | | | | | | 40,741,284 | | |
Description
|
| |
Amount
(US$) |
| |||
Financing fees and expenses and other professional fees
|
| | | | 39,425,000 | | |
Legal fees and expenses
|
| | | | 22,475,000 | | |
Special Committee fees
|
| | | | 2,125,000 | | |
Miscellaneous (including accounting, filing fees, printer, proxy solicitation and mailing costs)
|
| | | | 1,325,000 | | |
Total
|
| | | | 65,350,000 | | |
| | |
Sales Price Per ADS
(in US$) |
| |||||||||
| | |
High
|
| |
Low
|
| ||||||
Quarterly: | | | | ||||||||||
2020 | | | | | | | | | | | | | |
First quarter
|
| | | | 92.61 | | | | | | 53.94 | | |
Second quarter
|
| | | | 73.96 | | | | | | 55.13 | | |
Third quarter
|
| | | | 80.50 | | | | | | 63.24 | | |
Fourth quarter
|
| | | | 79.58 | | | | | | 64.34 | | |
2021 | | | | | | | | | | | | | |
First quarter
|
| | | | 72.17 | | | | | | 59.74 | | |
Second quarter
|
| | | | 79.00 | | | | | | 60.78 | | |
Third quarter
|
| | | | 78.63 | | | | | | 67.48 | | |
Fourth quarter
|
| | | | 70.08 | | | | | | 43.79 | | |
2022 | | | | | | | | | | | | | |
First quarter (through March 28, 2022)
|
| | | | 57.50 | | | | | | 43.19 | | |
| | |
For the Year Ended December 31,
|
| |
For the Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| |||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$(1)
|
| |
RMB
|
| |
RMB
|
| |
US$(2)
|
| ||||||||||||||||||
Selected consolidated statements of
operations and comprehensive income data |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(In thousands, except share and per share data)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Online recruitment services
|
| | | | 2,471,179 | | | | | | 2,147,334 | | | | | | 329,093 | | | | | | 1,595,772 | | | | | | 1,778,506 | | | | | | 276,020 | | |
Other human resource related revenues
|
| | | | 1,528,846 | | | | | | 1,541,617 | | | | | | 236,263 | | | | | | 930,072 | | | | | | 1,296,739 | | | | | | 201,251 | | |
Net revenues
|
| | | | 4,000,025 | | | | | | 3,688,951 | | | | | | 565,356 | | | | | | 2,525,844 | | | | | | 3,075,245 | | | | | | 477,271 | | |
Cost of services(3)
|
| | | | (1,221,935) | | | | | | (1,261,731) | | | | | | (193,369) | | | | | | (847,227) | | | | | | (1,141,538) | | | | | | (177,164) | | |
Gross profit
|
| | | | 2,778,090 | | | | | | 2,427,220 | | | | | | 371,987 | | | | | | 1,678,617 | | | | | | 1,933,707 | | | | | | 300,107 | | |
Operating expenses:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales and marketing(4)
|
| | | | (1,188,233) | | | | | | (1,182,677) | | | | | | (181,253) | | | | | | (882,094) | | | | | | (1,386,931) | | | | | | (215,248) | | |
General and administrative(5)
|
| | | | (384,072) | | | | | | (377,438) | | | | | | (57,845) | | | | | | (285,999) | | | | | | (300,041) | | | | | | (46,566) | | |
Total operating expenses
|
| | | | (1,572,305) | | | | | | (1,560,115) | | | | | | (239,098) | | | | | | (1,168,093) | | | | | | (1,686,972) | | | | | | (261,814) | | |
Income from operations
|
| | | | 1,205,785 | | | | | | 867,105 | | | | | | 132,889 | | | | | | 510,524 | | | | | | 246,735 | | | | | | 38,293 | | |
Gain (Loss) from foreign currency
translation |
| | | | 67,881 | | | | | | (53,442) | | | | | | (8,190) | | | | | | (19,591) | | | | | | (4,876) | | | | | | (757) | | |
Interest and investment income, net
|
| | | | 175,584 | | | | | | 228,500 | | | | | | 35,019 | | | | | | 169,018 | | | | | | 156,548 | | | | | | 24,296 | | |
Change in fair value of listed equity securities investment
|
| | | | (42,410) | | | | | | 10,760 | | | | | | 1,649 | | | | | | 20,164 | | | | | | (77,581) | | | | | | (12,040) | | |
Fees and expenses related to proposed going-private transaction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (84,187) | | | | | | (13,066) | | |
Change in fair value of long-term
investments |
| | | | — | | | | | | 39,614 | | | | | | 6,071 | | | | | | 39,614 | | | | | | — | | | | | | — | | |
Change in fair value of convertible senior notes
|
| | | | (752,073) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Impairment of long-term investments
|
| | | | (98,277) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other income, net
|
| | | | 205,602 | | | | | | 167,308 | | | | | | 25,641 | | | | | | 155,617 | | | | | | 93,898 | | | | | | 14,573 | | |
Income before income tax expense
|
| | | | 762,092 | | | | | | 1,259,845 | | | | | | 193,079 | | | | | | 875,346 | | | | | | 330,537 | | | | | | 51,299 | | |
Income tax expense
|
| | | | (235,890) | | | | | | (188,417) | | | | | | (28,876) | | | | | | (135,722) | | | | | | (72,511) | | | | | | (11,254) | | |
Net income
|
| | | | 526,202 | | | | | | 1,071,428 | | | | | | 164,203 | | | | | | 739,624 | | | | | | 258,026 | | | | | | 40,045 | | |
Net loss attributable to non-controlling interests
|
| | | | 6,116 | | | | | | 25,848 | | | | | | 3,961 | | | | | | 15,604 | | | | | | 27,502 | | | | | | 4,268 | | |
Net income attributable to 51job,
Inc. |
| | | | 532,318 | | | | | | 1,097,276 | | | | | | 168,164 | | | | | | 755,228 | | | | | | 285,528 | | | | | | 44,313 | | |
Total comprehensive income
|
| | | | 526,541 | | | | | | 1,093,879 | | | | | | 167,644 | | | | | | 739,330 | | | | | | 257,880 | | | | | | 40,022 | | |
Earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 8.18 | | | | | | 16.35 | | | | | | 2.51 | | | | | | 11.27 | | | | | | 4.23 | | | | | | 0.66 | | |
Diluted
|
| | | | 7.98 | | | | | | 16.12 | | | | | | 2.47 | | | | | | 11.11 | | | | | | 4.18 | | | | | | 0.65 | | |
Weighted average number of common shares outstanding:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 65,049,597 | | | | | | 67,101,601 | | | | | | 67,101,601 | | | | | | 67,000,172 | | | | | | 67,426,629 | | | | | | 67,426,629 | | |
Diluted
|
| | | | 66,683,457 | | | | | | 68,056,724 | | | | | | 68,056,724 | | | | | | 67,992,639 | | | | | | 68,267,453 | | | | | | 68,267,453 | | |
| | |
As of December 31,
|
| |
As of September 30,
|
| ||||||||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(unaudited)
|
| |||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$(1)
|
| |
RMB
|
| |
RMB
|
| |
US$(2)
|
| ||||||||||||||||||
Selected consolidated balance sheet data
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(In thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets
|
| | | | 10,942,404 | | | | | | 11,547,629 | | | | | | 1,769,751 | | | | | | 10,991,818 | | | | | | 11,169,479 | | | | | | 1,733,476 | | |
Non-current assets
|
| | | | 3,347,138 | | | | | | 4,128,051 | | | | | | 632,652 | | | | | | 4,088,571 | | | | | | 5,091,957 | | | | | | 790,259 | | |
Total assets
|
| | | | 14,289,542 | | | | | | 15,675,680 | | | | | | 2,402,403 | | | | | | 15,080,389 | | | | | | 16,261,436 | | | | | | 2,523,735 | | |
Current liabilities
|
| | | | 2,833,462 | | | | | | 2,810,417 | | | | | | 430,715 | | | | | | 2,615,328 | | | | | | 2,986,668 | | | | | | 463,523 | | |
Non-current liabilities
|
| | | | 265,070 | | | | | | 277,036 | | | | | | 42,458 | | | | | | 267,714 | | | | | | 302,342 | | | | | | 46,923 | | |
Total liabilities
|
| | | | 3,098,532 | | | | | | 3,087,453 | | | | | | 473,173 | | | | | | 2,883,042 | | | | | | 3,289,010 | | | | | | 510,446 | | |
Mezzanine equity
|
| | | | 216,974 | | | | | | 189,811 | | | | | | 29,090 | | | | | | 200,565 | | | | | | 161,318 | | | | | | 25,036 | | |
Total 51job, Inc. shareholders’ equity
|
| | | | 10,948,331 | | | | | | 12,372,747 | | | | | | 1,896,206 | | | | | | 11,971,309 | | | | | | 12,785,110 | | | | | | 1,984,218 | | |
Total equity
|
| | | | 10,974,036 | | | | | | 12,398,416 | | | | | | 1,900,140 | | | | | | 11,996,782 | | | | | | 12,811,108 | | | | | | 1,988,253 | | |
Total liabilities, mezzanine equity and equity
|
| | | | 14,289,542 | | | | | | 15,675,680 | | | | | | 2,402,403 | | | | | | 15,080,389 | | | | | | 16,261,436 | | | | | | 2,523,735 | | |
| | |
Shares Beneficially Owned(1)
|
| |||||||||
| | |
Number
|
| |
%
|
| ||||||
Directors and Senior Management**: | | | | | | | | | | | | | |
Rick Yan(2)
|
| | | | 12,722,264 | | | | | | 18.6 | | |
Kathleen Chien
|
| | | | 2,288,258 | | | | | | 3.4 | | |
David K. Chao(3)
|
| | | | * | | | | | | * | | |
Tao Wang(4)
|
| | | | * | | | | | | * | | |
Jingwu Chen
|
| | | | * | | | | | | * | | |
Junichi Arai(5)
|
| | | | * | | | | | | * | | |
Eric He
|
| | | | * | | | | | | * | | |
Li-Lan Cheng
|
| | | | * | | | | | | * | | |
All directors and senior management as a group
|
| | | | 16,322,264 | | | | | | 23.3 | | |
Principal Shareholders:
|
| | | | | | | | | | | | |
Recruit(6) | | | | | 23,443,981 | | | | | | 34.8 | | |
RY Holdings(7)
|
| | | | 11,860,264 | | | | | | 17.6 | | |
| | |
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|
(a)
|
| | if to Merger Sub: | |
| | | | Garnet Faith Limited | |
| | | | c/o DCP Capital | |
| | | | 21/F, York House, The Landmark, 15 Queen’s Road Central, Hong Kong | |
| | | | Attention: Julian Wolhardt | |
| | | | with a copy to: | |
| | | | Paul, Weiss, Rifkind, Wharton & Garrison LLP | |
| | | | Unit 5201, Fortune Financial Center, | |
| | | | 5 Dongsanhuan Zhonglu, Chaoyang District, Beijing 100020, China | |
| | | | Attention: Judie Ng Shortell | |
| | | | Email: jngshortell@paulweiss.com | |
| | | | Kirkland & Ellis LLP | |
| | | | 26th Floor, Gloucester Tower, The Landmark | |
| | | | 15 Queen’s Road Central | |
| | | | Hong Kong | |
| | | | Attention: Daniel Dusek; Joseph Raymond Casey | |
| | | | Email: daniel.dusek@kirkland.com; joseph.casey@kirkland.com | |
| | | | Weil, Gotshal & Manges LLP | |
| | | | 29/F, Alexandra House | |
| | | | 18 Chater Road, Central | |
| | | | Hong Kong | |
| | | | Attention: Tim Gardner; William Welty | |
| | | | E-mail: tim.gardner@weil.com; william.welty@weil.com | |
| | | | Sullivan & Cromwell LLP | |
| | | | 125 Broad Street | |
| | | | New York, New York 10004 | |
| | | | Attention: Brian E. Hamilton; Garth W. Bray | |
| | | | Email: hamiltonb@sullcrom.com; brayg@sullcrom.com | |
|
(b)
|
| | if to the Company: | |
| | | | 51job, Inc. | |
| | | | Building 3, No. 1387 Zhang Dong Road | |
| | | | Shanghai, PRC 201203 | |
| | | | with a copy to: | |
| | | | Simpson Thacher & Bartlett | |
| | | | 35/F, ICBC Tower | |
| | | | 3 Garden Road, Central | |
| | | | Hong Kong | |
| | | | Attention: Ian C. Ho | |
| | | | Email: iho@stblaw.com | |
|
(c)
|
| | if to the Special Committee, addressed to it care of the Company, with a copy (which shall not constitute notice) to: | |
| | | | Davis Polk & Wardwell LLP | |
| | | | The Hong Kong Club Building | |
| | | | 3A Chater Road | |
| | | | Hong Kong, China | |
| | | | Attention: Miranda So | |
| | | | Email: miranda.so@davispolk.com | |
Term
|
| |
Section
|
|
Action | | | 3.10 | |
ADS | | | 2.01(b) | |
ADSs | | | 2.01(b) | |
Agreement | | | Preamble | |
Alternative Acquisition Agreement | | | 6.04(c) | |
Alternative Financing | | | 6.07(a) | |
Alternative Financing Documents | | | 6.07(a) | |
Applicable Contract | | | 6.16 | |
Arbitrator | | | 9.09(b) | |
Bankruptcy and Equity Exception | | | 3.04(a) | |
Budget | | | 5.01(g) | |
Change in the Company Recommendation | | | 6.04(c) | |
CICA | | | Recitals | |
Closing | | | 1.02 | |
Closing Date | | | 1.02 | |
Company | | | Preamble | |
Company Board | | | Recitals | |
Company Group | | | 8.06(h) | |
Term
|
| |
Section
|
|
Company Owned Software | | | 3.14(i) | |
Company Real Property | | | 3.13(c) | |
Company Recommendation | | | 3.04(b) | |
Company Representatives | | | 3.06(c) | |
Company SEC Reports | | | 3.07(a) | |
Company Termination Fee | | | 8.06(a)(iii) | |
Damages | | | 6.05(c) | |
Debt Commitment Letters | | | 4.05(a) | |
Debt Financing | | | 4.05(a) | |
Definitive Debt Documents | | | 6.07(d) | |
Deposit Agreement | | | 2.06 | |
Depositary | | | 2.06 | |
Dissenting Shareholders | | | 2.03(a) | |
Dissenting Shares | | | 2.03(a) | |
Effective Time | | | 1.03 | |
Employee | | | 3.12(a) | |
Equity Commitment Letters | | | 4.05(a) | |
Equity Financing | | | 4.05(a) | |
Evaluation Date | | | 3.07(d) | |
Exchange Act | | | 3.03(c) | |
Exchange Fund | | | 2.04(a) | |
Excluded Party | | | 6.04(b)(iii) | |
Financial Advisor | | | 3.04(c) | |
Financing | | | 4.05(a) | |
Financing Documents | | | 4.05(a) | |
GAAP | | | 3.07(b) | |
Go-Shop Period End Date | | | 6.04(a) | |
Governmental Authority | | | 3.05(b) | |
Guarantee | | | Recitals | |
Guarantees | | | Recitals | |
Guarantor | | | Recitals | |
Guarantors | | | Recitals | |
HKIAC | | | 9.09(b) | |
Improvements | | | 3.13(d) | |
Indemnified Parties | | | 6.05(b) | |
Intervening Event | | | 6.04(e) | |
Intervening Event Termination | | | 6.04(e) | |
Lagou Technology | | | 9.03(a) | |
Law | | | 3.05(a) | |
Management Support Agreement | | | Recitals | |
Material Company Permits | | | 3.06(a) | |
Material Contracts | | | 3.18(a) | |
Maximum Annual Premium | | | 6.05(b) | |
Merger | | | Recitals | |
Merger Consideration | | | 2.04(a) | |
Merger Sub | | | Preamble | |
Term
|
| |
Section
|
|
Merger Sub Group | | | 8.06(h) | |
Merger Sub Group Contracts | | | 4.12 | |
Merger Sub Termination Fee | | | 8.06(b) | |
NASDAQ | | | 3.03(c) | |
Notice of Superior Proposal | | |
6.04(d)(ii)(1)
|
|
OpCo | | | 4.04(a) | |
Order | | | 7.01(b) | |
Paying Agent | | | 2.04(a) | |
Per ADS Merger Consideration | | | 2.01(b) | |
Per Share Merger Consideration | | | 2.01(a) | |
Plan of Merger | | | 1.03 | |
Proxy Statement | | | 6.01(a) | |
Record ADS Holders | | | 6.02(a) | |
Record Date | | | 6.02(a) | |
Recruit Support Agreement | | | Recitals | |
Representatives | | | 6.03(a) | |
Requisite Company Vote | | | 3.04(a) | |
Requisite Regulatory Approvals | | | 3.05(b) | |
SAFE | | | 3.06(a) | |
Schedule 13E-3 | | | 6.01(a) | |
SEC | | | 3.05(b) | |
Securities Act | | | 3.07(a) | |
Share | | | 2.01(a) | |
Share Certificates | | | 2.04(b) | |
Shares | | | 2.01(a) | |
Solicited Person | | | 6.04(a) | |
Special Committee | | | Recitals | |
Superior Proposal Notice Period | | |
6.04(d)(ii)(1)
|
|
Support Agreements | | | Recitals | |
Surviving Company | | | Recitals | |
Surviving Company Share | | | 2.01(e) | |
Surviving Company Shares | | | 2.01(e) | |
Takeover Statute | | | 3.21 | |
Termination Date | | | 8.02(a) | |
Trade Secrets | | | 3.14(k) | |
Transactions | | | Recitals | |
Uncertificated Shares | | | 2.04(b) | |
| |
Continuing Shareholder
|
| | |
Continuing Shares
|
| |
| | Founder (prior to the Founder Transfer) | | | | 20,000 Shares represented by 20,000 ADSs | | |
| |
New Founder Holdco (following the Founder Transfer)
|
| | | | | |
| | Founder Holdco (prior to the Founder Transfer) | | | | 11,315,815 Shares | | |
| |
New Founder Holdco (following the Founder Transfer)
|
| | |
544,449 Shares represented by 544,449 ADSs
|
| |
| | Kathleen Chien | | | | 1,426,258 Shares | | |
| | LLW Holding Ltd. | | | |
256,269 Shares represented by 256,269 ADSs
|
| |
| | Recruit | | | |
23,325,231 Shares
118,750 Shares represented by 118,750 ADSs
|
| |
NAME
|
| |
ADDRESS
|
|
[•] | | | [•] | |
NAME
|
| |
ADDRESS
|
| |
Nature of Secured Interest
|
|
[•] | | | [•] | | |
Fixed and floating charge over the [Debt Service Reserve Account] pursuant to (and as defined in) an account charge dated [date] between Merger Sub as chargor and [name of Security Agent] as security agent on behalf of certain lenders (the “Security Agreement”)
|
|
|
Confidential
Special Committee of the Board of Directors
51job, Inc. Building 3 No. 1387, Zhang Dong Road Shanghai, 201203 The People’s Republic of China |
| |
March 1, 2022
|
|
|
kroll.com |
| |
|
| | | | | | |
Name
|
| |
Present Principal Employment
|
| |
Citizenship
|
|
David K. Chao | | | Chairman of the Board and independent director | | | Japan | |
Rick Yan | | | Director, chief executive officer, president and secretary | | | Hong Kong | |
Junichi Arai | | | Non-executive director | | | Japan | |
Li-Lan Cheng | | | Independent director | | | United States | |
Eric He | | | Independent director | | | Republic of China | |
Kathleen Chien | | | Chief operating officer and acting chief financial officer | | | United States | |
Jingwu Chen | | | Senior vice president | | | PRC | |
Tao Wang | | | Vice president | | | PRC | |
Directors
|
| |
Business Address
|
| |
Principal Occupation
|
| |
Citizenship
|
|
Haifeng David
Liu |
| |
DCP Capital
21/F, York House The Landmark 15 Queen’s Road Central Hong Kong |
| |
From January 2017 to Present:
Executive Chairman of DCP Capital Prior to Joining DCP Capital in January 2017: Partner of KKR, Co-head of KKR Asia Private Equity, Chief Executive Officer of KKR Greater China |
| |
Hong Kong
|
|
Julian Juul
Wolhardt |
| |
DCP Capital,
21/F, York House The Landmark 15 Queen’s Road Central Hong Kong |
| |
From January 2017 to Present:
Chief Executive Officer of DCP Capital Prior to Joining DCP Capital in January 2017: Partner and Regional Leader of Greater China Region at KKR |
| | Denmark | |
Hiroaki Ogata | | |
Recruit Holdings Co., Ltd.
GranTokyo SOUTH TOWER 1-9-2 Marunouchi, Chiyoda-ku Tokyo 100-6640 Japan |
| |
From April 2017 to Present:
Corporate Executive Officer, Recruit Holdings Co., Ltd.
From October 2012 to April 2017
Corporate Officer, Recruit Holdings Co., Ltd. |
| | Japan | |
Directors
|
| |
Business Address
|
| |
Principal Occupation
|
| |
Citizenship
|
|
Haifeng David
Liu |
| |
DCP Capital
21/F, York House The Landmark, 15 Queen’s Road, Central Hong Kong |
| |
From January 2017 to Present:
Executive Chairman of DCP Capital Prior to Joining DCP Capital in January 2017: Partner of KKR, Co-head of KKR Asia Private Equity, Chief Executive Officer of KKR Greater China |
| |
Hong Kong
|
|
Julian Juul
Wolhardt |
| |
DCP Capital
21/F, York House The Landmark, 15 Queen’s Road, Central Hong Kong |
| |
From January 2017 to Present:
Chief Executive Officer of DCP Capital Prior to Joining DCP Capital in January 2017: Partner and Regional Leader of Greater China Region at KKR |
| | Denmark | |
Directors
|
| |
Business Address
|
| |
Principal Occupation
|
| |
Citizenship
|
|
Julian Juul
Wolhardt |
| |
DCP Capital,
21/F, York House The Landmark, 15 Queen’s Road Central Hong Kong |
| |
From January 2017 to Present:
Chief Executive Officer of DCP Capital
Prior to Joining DCP Capital in January 2017:
Partner and Regional Leader of Greater China Region at KKR |
| | Denmark | |
Directors
|
| |
Business Address
|
| |
Principal Occupation
|
| |
Citizenship
|
|
Daniel Thomas
Rewalt |
| |
Intertrust SPV (Cayman) Limited
One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands |
| |
From November 2014 to Present:
Director of Cayman Management Team, Intertrust Group |
| |
Cayman
Islands |
|
Samit Ghosh
|
| |
Intertrust SPV (Cayman) Limited
One Nexus Way, Camana Bay Grand Cayman, KY1-9005 Cayman Islands |
| |
From December 2017 to Present:
Director of Capital Markets, Intertrust Group
Previous 6 years:
Manager and Head of Corporate Trust and Loan Agency, HSBC, Cayman |
| |
Cayman
Islands |
|
Name
|
| |
Address
|
| |
Principal Occupation
|
| |
Citizenship
|
|
Tianyi Jiang | | |
Unit 2823, 28/F, AIA Central,
1 Connaught Road,Central Hong Kong |
| |
From 2016 to Present:
Director and management of Ocean Link
From 2006 to 2016:
Director of Carlyle Group |
| |
Hong Kong
|
|
Name
|
| |
Address
|
| |
Principal Occupation
|
| |
Citizenship
|
|
Nanyan Zheng | | |
Unit 2823, 28/F, AIA Central,
1 Connaught Road,Central Hong Kong |
| |
From 2016 to Present:
Director and management of Ocean Link
From 2005 to 2019:
Founder and Chief Executive Officer of Plateno Group |
| | PRC | |
Chi Zhang | | |
Suite 5704 – 5706, 57F, Two IFC,
8 Finance Street, Central Hong Kong |
| |
From 2016 to Present:
Managing Director and Head of China of General Atlantic
From 2006 to 2016:
Managing Director of Carlyle Group |
| |
Hong Kong
|
|
James
Jianzhang Liang |
| |
968 Jin Zhong Road,
Shanghai 200335, People’s Republic of China |
| |
From 1999 to Present: Co-founder,
Executive Chairman of the board of directors of Trip.com Group Limited |
| |
Hong Kong
|
|
Le Guan | | |
Unit 2823, 28/F, AIA Central,
1 Connaught Road, Central Hong Kong |
| |
From 2020 to Present: Partner of Ocean
Link
From 2010 to 2020: Managing director of
Carlyle Group |
| |
Hong Kong
|
|
Name
|
| |
Present Principal Occupation or Employment
|
|
Board of Directors | | | | |
Masumi Minegishi | | | Chairperson and Representative Director | |
Hisayuki Idekoba | | | President and Representative Director | |
Ayano Senaha | | | Board Director | |
Rony Kahan | | | Board Director | |
Naoki Izumiya | | | Outside Board Director | |
Hiroki Totoki | | | Outside Board Director | |
Yukiko Nagashima | | | Standing Audit & Supervisory Board Member | |
Akihito Fujiwara | | | Standing Audit & Supervisory Board Member | |
Yoichiro Ogawa | | | Outside Auditor and Supervisory Board Member | |
Katsuya Natori | | | Outside Auditor and Supervisory Board Member | |
Executive Officers | | | | |
Hisayuki Idekoba | | | President and CEO | |
Ayano Senaha | | | COO and Managing Corporate Executive Officer | |
Yoshihiro Kitamura | | | Managing Corporate Executive Officer | |
Rob Zandbergen | | | Managing Corporate Executive Officer | |
Junichi Arai | | | Corporate Executive Officer | |
Hiroaki Ogata | | | Corporate Executive Officer | |
Mio Kashiwamura | | | Corporate Executive Officer | |
Iwaaki Taniguchi | | | Corporate Executive Officer | |
Takahiro Noguchi | | | Corporate Executive Officer | |
Kentaro Mori | | | Corporate Executive Officer | |
Lowell Brickman | | | Corporate Executive Officer | |
Masumi Minegishi | | | Chairperson | |
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Resolutions
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Proposal No. 1.
IT IS RESOLVED, as a Special Resolution, THAT:
the agreement and plan of merger, dated as of June 21, 2021, as amended by amendment No. 1 to agreement and plan of merger, dated as of March 1, 2022 (as so amended and as may be further amended from time to time, the “Merger Agreement”), between Garnet Faith Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“Merger Sub”) and the Company (such Merger Agreement being in the form attached as Annex A to the accompanying proxy statement and to be produced and made available for inspection at the extraordinary general meeting), the plan of merger (the “Plan of Merger”) required to be registered with the Registrar of Companies in the Cayman Islands (such Plan of Merger being substantially in the form attached as Annex B to the accompanying proxy statement and to be produced and made available for inspection at the extraordinary general meeting) in order to give effect to the merger of Merger Sub with and into the Company (the “Merger”), with the Company continuing as the surviving company (the “Surviving Company”), and any and all transactions contemplated by the Merger Agreement (collectively, the “Transactions”), including (a) the Merger and (b) upon the Merger becoming effective, the amendment and restatement of the existing
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Resolutions
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memorandum and articles of association of the Company by their deletion in their entirety and the substitution in their place of a new memorandum and articles of association of the Company (as the Surviving Company) in the form attached to the Plan of Merger (the “Amendment of the M&A”), be authorized and approved.
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Proposal No. 2.
IT IS RESOLVED, as a Special Resolution, THAT:
each of the directors and officers of the Company be authorized to do all things necessary to give effect to the Merger Agreement, the Plan of Merger and the Transactions, including the Merger and the Amendment of the M&A.
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Proposal No. 3.
IT IS RESOLVED, as an Ordinary Resolution, THAT:
the extraordinary general meeting be adjourned in order to allow the Company to solicit additional proxies in the event that there are insufficient proxies received at the time of the extraordinary general meeting to pass the special resolutions to be proposed at the extraordinary general meeting. |
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51JOB, INC.
JPMorgan Chase Bank, N.A., Depositary PO Box 64506, Saint Paul MN 55164-0506 |
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Voting Instruction Card
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