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Joins in China Venture HONG KONG -- Australia's Macquarie Group Ltd. and Seek Ltd. have teamed up to invest around $110 million in a Beijing-based online recruitment company called Zhaopin, or "help wanted" in Chinese, the company says.
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Chinese job site Zhaopin. com ranked as the top spender, buying $17.8 million of display ads during the first half of the year.
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Zhaopin itself is run by an early private-equity investor.
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Mr. Liu, 39 years old, said Zhaopin will use the proceeds to hire sales and marketing staff in China's so-called second-tier cities, such as Chongqing, Harbin and Xian, where Internet use is spreading.
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Two years ago, Seek acquired one-quarter of Zhaopin for $20 million.
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This investment of $60 million gives Macquarie about 30% of closely held Zhaopin, according to Liu Hao, chief executive.
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Chinese job site Zhaopin. com ranked as the top spender, buying $17.8 million of display ads during the first half of the year.
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Zhaopin. com is the only independent of any size to keep an eye on.
Chinese Tech IPO Market Ben Barren 2005
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* Australian online advertising company Seek and Macquarie Capital are planning an initial public offering on the Nasdaq of their jointly owned Chinese website Zhaopin, the Australian Financial Review reported on Friday.
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Chen Xu, vice-president of Zhaopin. com, said that changing jobs played a very significant role in career development and people should not only focus on promotion within the same company.
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