Liepin.com went public on the Hong Kong Stock Exchange on June 29th at an opening price of HKD 31.6, down 4.2% from its initial offering price, which puts Liepin’s valuation at approximately HKD15.66 billion (or USD 2 billion).
Launched in 2011, Liepin raised money in a Series A round led by Matrix Partners China and Series B round from the same investor in 2013. It raised USD 70 million in a Series C round of financing led by Warburg Pincus and Matrix Partners. After raising Series D round with over USD 100 million in 2016, Liepin was valued at nearly USD 1 billion.
In April 2018, Liepin filed its prospectus for an IPO at Hong Kong Stock Exchange, becoming the first mainland online recruitment company to go public in Hong Kong.
In its initial public offering launched between June 19 and 22, Liepin planned to sell 88 million shares at an indicative price range of HKD 28.5 to HKD 35.5 with a board size lot of 200 shares. The initial offering price was finally set at HKD 33.
The prospectus shows Liepin's operating revenue increased from the RMB 345.6 million in 2015 to RMB 587.1 million in 2016, compared with the RMB 824.7 million earned in 2017, representing a compound annual growth rate of 54.5%. The company made losses of RMB 230.7 million in 2015 and RMB 139.7 million in 2016, compared with the net profit of RMB 7.55 million earned in 2017. Excluding the impact of share-based compensation, Liepin had an adjusted loss RMB 222.4 million in 2015, compared to an adjusted loss of RMB 128.5 million in 2016. Liepin had an adjusted net profit of RMB 16.7 million in 2017.
By December 31, 2017, Liepin already had 38.90 million individual registered users, 248,600 company users and 101,840 headhunters. From 2015 to 2017, the number of individual registered users increased from 25 million to 38.9 million at a compound annual growth rate of 24.8%. The number of company users grew by 82% from 75,088 to 248,600. The number of headhunters increased from 62,392 to 101,840 at a compound annual growth rate of 27.8%.
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