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Monster Sold ChinaHR.com for $30M, Pulling back from China
America’s top recruiting site Monster reportedly sold ChinaHR.com at US$ 30 million as part of its move to pull back from some of its global markets. Monster invested a total of US$ 243 million into the Chinese career service over the past 8 years.
Monster itself wasn’t in good shape lately as the service incurred US$ 194.2 million in net loss in the third quarter of last year. ChinaHR.com also lost US$ 233 million over the same time period. Selling the blooding arm could be one of the quickest solution to partially shore up Monster’s financial status.
As a matter of fact, ChinaHR has been in red for seven consecutive years after acquisition, its market share was also declining severely in face of competition from 51job and Zhaopin.com. According to iResearch, in 2012 Q3, ChinaHR’s revenue was only 14% of that of 51job.com.
Image Credits: ChinaHR.com
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