SCHEDULE: KANZHUN Founder Peng Zhao Boosts Stake to 14.1%

Peng Zhao and TECHWOLF LIMITED report beneficial ownership of 14.1% of KANZHUN LIMITED's ordinary shares, representing 62.1% of voting power.

Summary

• Peng Zhao and TECHWOLF LIMITED (collectively, 'Reporting Persons') filed an Amendment No. 3 to Schedule 13G, updating their beneficial ownership in KANZHUN LIMITED.
• The Reporting Persons beneficially own 130,618,401 Class B ordinary shares of KANZHUN LIMITED.
• This ownership stake represents 14.1% of the total issued and outstanding ordinary shares of the Issuer as of September 30, 2025.
• Due to the dual-class share structure, where each Class B ordinary share is entitled to ten votes, this 14.1% ownership translates to 62.1% of the aggregate voting power.
• The shares are held by TECHWOLF LIMITED, a British Virgin Islands company, with the entire interest held by a trust established by Mr. Peng Zhao for the benefit of himself and his family.
• The percentage of class is calculated based on a total of 927,734,042 ordinary shares outstanding as of September 30, 2025.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a routine ownership disclosure. The high voting power of the founder can be seen as positive for stable, long-term vision but also raises governance concerns for minority shareholders. The update itself is factual and not indicative of immediate operational performance.

Positives

• Increased transparency regarding the significant ownership and voting control held by the founder, Peng Zhao.
• Strong alignment of interests between the founder and the company's long-term strategic direction due to substantial voting power, potentially fostering stable leadership.

Negatives

• The dual-class share structure, granting Class B shares ten votes per share, concentrates significant voting power (62.1%) in the hands of the founder, potentially limiting the influence of other shareholders on corporate decisions.

Risks

• Concentrated voting power in the hands of the founder (Peng Zhao) through Class B ordinary shares (62.1% of aggregate voting power) could lead to decisions that may not always align with the interests of all Class A shareholders.
• Potential for governance issues arising from a dual-class share structure where minority shareholders have limited influence.

Future Outlook

NA

Industry Context

Dual-class share structures are common in technology companies, particularly those with founder-led management, to allow founders to maintain control and pursue long-term visions without immediate pressure from public markets. This filing reinforces the founder's continued strong control over KANZHUN LIMITED, aligning with a trend seen in many growth-oriented tech firms.

Comparison to Industry Standards

• Many prominent tech companies, such as Meta Platforms (Facebook) and Alphabet (Google), utilize dual-class share structures to maintain founder control, similar to KANZHUN LIMITED's setup where Class B shares carry superior voting rights.
• The 62.1% aggregate voting power held by the founder is a significant concentration, comparable to the control held by founders in other major tech firms, which can be viewed as both a strength (stable leadership) and a potential governance concern (limited shareholder influence).

Corporate Governance

Stakeholder Impact

• Shareholders: The significant voting power held by the founder (62.1%) means that other shareholders, particularly Class A holders, have limited influence on corporate governance and strategic decisions.
• Management: The founder's strong control provides stability and continuity in leadership and strategic direction.

Key Dates

Recommendation

This Schedule 13G filing is a routine update on beneficial ownership and does not contain new financial or operational information that would warrant a change in investment recommendation. It primarily reinforces the existing dual-class share structure and the founder's significant control, which is a known factor for KANZHUN LIMITED. Investors should continue to 'hold' based on their existing fundamental analysis of the company's business performance and market position, as this filing provides no new catalysts for 'buy' or 'sell'.

Keywords

KANZHUN LIMITED, KZ, Peng Zhao, TECHWOLF LIMITED, Schedule 13G, Beneficial Ownership, Class B Shares, Voting Power, Corporate Governance, Founder Stake