Zhaopin Announces Strategic Cooperation with Zhong An Online Insurance

Dec 04, 2015, 06:30 ET from Zhaopin Limited

BEIJING, Dec. 4, 2015 /PRNewswire/ -- Zhaopin Limited (NYSE: ZPIN) ("Zhaopin" or the "Company"), a leading career platform in China focusing on connecting users with relevant job opportunities throughout their career lifecycle, today announced that it has entered into a strategic cooperation with Zhong An Online P&C Insurance Co., Ltd. ("Zhong An") to jointly provide Internet financing services to university graduates and white-collar employees.

Zhaopin and Zhong An jointly developed an online student loan program that was launched in June 2015 and has so far received more than 20,000 applications and approved loans for an aggregate value of RMB150 million. The program leverages Zhaopin's big data management capabilities and large data pool of more than 100 million user profiles and Zhong An's funding and credit management capabilities to assess an applicant's creditworthiness and provide them with the financial means to pursue their studies or start up businesses post-graduation. 

The strategic cooperation between the two companies will explore Internet financing opportunities that support students and job seekers throughout their career life cycle and help Zhaopin further differentiate itself from its competition as it continues to evolve into a career development platform. Based on the success of the student loan program, a new loan program for white-collar employees has been developed.

"We are pleased with the success so far of our innovative student loan program developed with Zhong An," said Mr. Evan Guo, Chief Executive Officer of Zhaopin. "This is a great example of how our big data analysis capabilities can expand business horizons and better fulfill the needs of our job seekers throughout the different stages of their career lifecycle. Zhaopin's assessment of a student's creditworthiness can become the starting point for many individuals' personal credit record. By cooperating with Zhong An and leveraging the strong shareholder support it has from Alibaba and Tencent, we will continue to grow our presence in the Internet financing market to create new solutions for our users."

Zhong An is the first online-only insurance company in China and conducts all of its business, ranging from underwriting to claims settlements, online without operating any physical branches. It was jointly launched in 2013 by Ant Financial Services Group (Alibaba), Tencent Holdings, and Ping An Insurance (Group) Company of China, Ltd.  As of April 30, 2015, Zhong An offers more than 100 insurance products and has underwritten more than 1.6 billion policies for more than 250 million customers. It also offers e-commerce, mobile payment, and financing guarantees for internet businesses and users.

About Zhaopin Limited

Zhaopin is a leading career platform in China, focusing on connecting users with relevant job opportunities throughout their career lifecycle. The Company's zhaopin.com website is the most popular career platform in China as measured by average daily unique visitors in each of the 12 months ended September 30, 2015, number of registered users as of September 30, 2015 and number of unique customers for the three months ended September 30, 2015. The Company's over 104.8 million registered users include diverse and educated job seekers who are at various stages of their careers and are in demand by employers as a result of the general shortage of skilled and educated workers in China. In the fiscal year ended June 30, 2015, approximately 25.6 million job postings[1] were placed on Zhaopin's platform by 418,423 unique customers including multinational corporations, small and medium-sized enterprises and state-owned entities. The quality and quantity of Zhaopin's users and the resumes in the Company's database attract an increasing number of customers. This in turn leads to more users turning to Zhaopin as their primary recruitment and career- related services provider, creating strong network effects and significant entry barriers for potential competitors. For more information, please visit http://www.zhaopin.com.

[1]

Zhaopin calculates the number of job postings by counting the number of newly placed job postings during each respective period. Job postings that were placed prior to a specified period - even if available during such period - are not counted as job postings for such period. Any particular job posting placed on the Company's website may include more than one job opening or position.

Safe Harbor Statements

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Zhaopin may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Zhaopin's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Zhaopin's goals and strategies; its future business development, financial condition and results of operations; its ability to retain and grow its user and customer base for its online career platform; the growth of, and trends in, the markets for its services in China; the demand for and market acceptance of its brand and services; competition in its industry in China; its ability to maintain the network infrastructure necessary to operate its website and mobile applications; relevant government policies and regulations relating to the corporate structure, business and industry; and its ability to protect its users' information and adequately address privacy concerns. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Zhaopin does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

Zhaopin Limited Ms. Jessica Ye Executive Vice President ir@zhaopin.com.cn

Christensen In China Mr. Christian Arnell Phone: +86-10- 5900-1548 E-mail: carnell@christensenir.com

In US Ms. Linda Bergkamp Phone: +1-480-614-3004 Email: lbergkamp@ChristensenIR.com

SOURCE Zhaopin Limited