According to U.S. Securities and Exchange Commission notices, Zhen Ronghui, CEO of 51job.com (JOBS), will sell 1 million shares of 51job.com to Japanese human resource service company Recruit.
After the sale of these shares, worth US$13 million, Zhen will still hold 16.2 million shares of 51job.com, accounting for 28.8% of the company's total shares. 51job.com says that the sale of Zhen's shares to Recruit is part of the company's plans to set up a strategic alliance with Recruit and their shareholders have agreed to sell 15% of the company's stake to Recruit.
Recruit plans to acquire 8.5 million shares of 51job.com at US$13 for each share. According to the agreement, Recruit will acquire another 25% of 51job.com stock in the coming three years.