Exits, Venture Capital

Matrix-Backed HR Solutions Firm Career International IPOs On ChiNext

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Matrix-backed Career International has completed a listing on the ChiNext Board in Shenzhen, ten years after Matrix invested in the human resources firm.

Career International, a Beijing-based talent solutions provider backed by Matrix Partners China, has completed a listing on the Shenzhen Stock Exchange’s NASDAQ-style ChiNext Board, paving the way for a successful exit by the venture firm ten years after investing in the company.

The IPO raised a total of RMB297 million (US$43 million) and marks the first human resources company listed on the ChiNext Board. The firm issued 45 million new shares at the price of RMB6.55 (US$0.96) apiece.

“With the development of the Chinese economy and the change of the supply and demand of talents, the need for human resource services is ever increasing,” said Wan Haoji, a partner at Matrix. “We chose to work with Career International ten years ago, and we believe the industry has huge potential going forward.”

In 2008, Matrix invested US$4 million in a series A round in Career International as its first and only outside venture backer.

Founded in 2005, Career International currently has over 1,000 professional recruitment consultants working in 73 offices in mainland China, Hong Kong, India, Singapore, Malaysia and other regions. Its services include executive search, recruitment process outsourcing, campus recruitment and training for customers across 18 fields and industries.

In 2016, the company recorded revenue of RMB868 million (US$127 million), up 18% year-on-year, and registered an operating profit of RMB725 million (US$106 million), down 8% year-on-year.

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