Seek buys 25% of Zhaopin

Australian online recruitment firm Seek Ltd said yesterday it will pay US$20 million for a 25 percent stake in Zhaopin Ltd, one of the top three Internet employment sites in China. Seek said it will give strategic advice and operational support to Zhaopin as part of its first investment outside Australia and New Zealand. Zhaopin has notched growth of 100 percent or more in each of the last three years, banking on a new mobility in a job market where lifetime employment at State-owned firms was once the norm.

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