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FINWIRES

Kanzhun Founder Sells $110 Million of Shares in Block Trade

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Kanzhun founder Peng Zhao sold 15.2 million shares in the Chinese recruitment-app operator for about $110 million through a block trade on Monday, according to a filing with the US Securities and Exchange Commission.

The sale comprised 4.5 million Class A shares and 10.7 million Class B shares at $7.2484 each. The Class A shares were worth about $32.3 million and the Class B shares about $77.6 million. Zhao held the shares through BVI-based Techwolf Ltd.

Zhao sold the shares to meet tax obligations, Bloomberg reported, citing people familiar with the matter. The sale comes after China introduced new tax rules covering offshore trusts, requiring certain taxpayers to settle previously unpaid liabilities within a 90-day window, Bloomberg reported.

What else is happening in Asia?

Asia

Goodman Group Receives 2 Shareholder Resolutions for Upcoming Annual General Meeting

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ASX:GMG
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TPE:5522
Asia

Sealink International Receives $17 Million Insurance Payout for Vessel Fire Incident in Brazil

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KLSE:SEALINK