Renrui HR Group Invests RMB20 Million Into Xunteng Group

Establishing One-Stop Recruitment Process Connecting Colleges and Workplace

Renrui Human Resources Technology Holdings Limited is pleased to announce that on 15 October 2020, it has entered into a conditional investment agreement and an exclusive strategic cooperation agreement with Tianjin Binhai Xunteng Group Co., Ltd. (“Xunteng Group”). The Company agreed to invest a total of RMB20 million into Xunteng Group and will hold 15% of its shares upon completion. The investment amount from the Company shall be used for the operation of the principal businesses of Xunteng Group, including but not limited to the procurement of equipment, payment of salary and recruitment fees of students for the cooperation projects with the colleges which Xunteng Group cooperates (the “Colleges”).

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Pursuant to the Strategic Cooperation Agreement, the Group shall transfer suitable BPO projects to Xunteng Group, and Xunteng Group shall, under the guidance of the Group, construct facilities and procure equipment for the BPO service training centres to be set up in the Colleges for the operation of these BPO projects. Xunteng Group shall transfer not less than 20% of the total number of students of the Colleges every year to work in the BPO service training centres in the Colleges as interns, and recommend not less than 50% of the total number of graduates from the Colleges to participate in the recruitment events held by the Group’s clients of flexible staffing services and professional recruitment services. Xunteng Group shall also encourage the students of the Colleges to register as members on the Xiang Recruitment Platform, the Group’s proprietary recruitment software, for job seeking purpose. On the other hand, the Group will provide guidance to the Colleges to improve and upgrade the quality of the vocational courses. The term of the cooperation commences from the date of the Strategic Cooperation Agreement and up to 30 June 2024, subject to further extension to 30 June 2028 if so agreed by both parties.

Leveraging on the experience of the Group in the human resources industry and that of Xunteng Group in the education industry and their respective resources, the Group believes that this cooperation will provide a stable source of well-trained candidates to the clients of the Group’s flexible staffing and professional recruitment services in order to satisfy the recruitment demands from the Group’s clients.

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Mr. Zhang Jianguo, Chairman and Chief Executive Officer of Renrui Human Resources Technology Holdings Limited, commented, “Currently, global employment patterns are undergoing profound changes. With rapid emergence of new economy sectors such as telecommunication and big data, the demands of flexible staffing have been increasing significantly in order to satisfy the new job positions for seasonal and continuous business development. To capture the enormous market opportunity, we have to establish a stable supply chain of talents. Through the collaboration with Xunteng Group, we can cultivate talents from the root of human resources (“HR”) supply chain, establishing an exclusive and low cost HR ecosystem. There is also a higher chance for graduates from the Colleges to secure their jobs, which can help enhance brand awareness among students of the Colleges, promote the Group’s recruitment platform and enhance the Group’s ability to provide career opportunities to job candidates. As of 31 August 2020, Xunteng Group operated 35 colleges with approximately 10,000 students, which focuses on internet and e-commerce disciplines.”

Mr. Ke Tingjun, Chief Investment Officer of Renrui Human Resource Technology Holdings Limited, added, “In the long run, low cost and sustainable HR ecosystem will further strengthen our flexible staffing business, which will in turn enhance the competitiveness of Renrui HR Group in the HR services industry and the entire recruitment market. Meanwhile, cooperation with education institutions such as Xunteng Group, has fully demonstrated the integration of HR industry and education sector, increasing the employability of graduates while establishing professional connection between the new economy industries and labor force. This will thus lay a foundation for the development of industry and society. Looking forward, the Group will actively look for quality partners and continue to expand the HR ecosystem, supporting the evolution and transformation of China’s economic development.”

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