The Capital Cycle Podcast Job Lot on Sale
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Dec 23, 2025 Kai Chen, an Emerging Markets Analyst at Marathon Asset Management, dives into the rise of Kanzhun’s online recruitment platform, Boss Zhipin. He explains the concept of network effects and its role in locking in users. Kai contrasts the early monetization of Boss Zhipin with Australia's Seek, showcasing its growth potential. He also highlights innovative features like direct chat and AI recommendations that set Boss Zhipin apart. Lastly, he discusses the company's balance sheet and the investment case, despite regulatory risks.
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Network Effects Drive Value Capture
- Network effects make platforms more valuable as more users join and reduce switching by users.
- Early monetization after network effects emerge lets firms capture rising value creation.
Seek As A Mature Benchmark
- Seek in Australia shows a mature online recruitment platform with 12% revenue CAGR and >50% EBITDA margin over a decade.
- Most growth came from price increases rather than volume, illustrating long-term pricing power once scale is reached.
Early-Stage Monetization Upside
- Boss Zhipin is earlier in its monetization journey with only ~30% of job postings monetized and low prices.
- Doubling core growth drivers could potentially increase revenue many times as the platform matures.