Recruiting in China

By Bloomberg News

Aug. 23 (Bloomberg) -- China will crack down on foreign companies directly recruiting and hiring workers in China to do manual labor overseas, the Ministry of Commerce and the Ministry of Foreign Affairs said in a joint statement posted to the commerce ministry’s website today.

The government will also stop Chinese companies from sending labors from the nation to work overseas for foreign individuals, according to the statement. China will also strictly control the sending of Chinese labors to work in overseas nations where conditioners are worse than those domestically and where risks are high, according to the statement.

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Showing that Chinese businesses were slow to hire new employees in 2009, Chinese online recruitment company 51job Inc. just revealed its unaudited financial results for the fourth quarter of 2009 and for the fiscal year ended December 31, 2009, and stated that revenues fell 5% from 2008.

While total revenues at 51job.com for the last quarter increased 15.2% over the fourth quarter of 2008 to CNY226.0 million, total revenues for the entire fiscal year 2009 decreased 5.0% from 2008 to CNY817.1 million.

Rick Yan, president and CEO of 51job Inc. stated: "In light of the challenges we faced and overcame in 2009, we were especially pleased to end the year on a high note by achieving record profit in the fourth quarter. We have observed a strengthening trend in market conditions and believe our online business in particular has carried solid momentum into 2010. In addition, with the opening of our new call center in Wuhan, this business is well positioned to not only extend our geographic reach and addressable employer base, but also streamline our service network for greater efficiency and margin expansion. We believe the year is off to a robust start for 51job."

Net income for the fourth quarter of 2009 increased to CNY46.4 million from CNY6.8 million for the same quarter in 2008. Fully diluted earnings per common share for the fourth quarter of 2009 were CNY0.84 compared with CNY0.12 for the same quarter in 2008. Fully diluted earnings per ADS for the fourth quarter of 2009 were CNY1.67 compared with CNY0.24 in the fourth quarter of 2008. Net income for 2009 increased 46.9% to CNY112.5 million from CNY76.6 million in 2008. Fully diluted earnings per common share for 2009 increased to CNY2.02 from CNY1.35 in 2008. Fully diluted earnings per ADS for 2009 were CNY4.03 compared with CNY2.70 in 2008.

Print advertising revenues for the fourth quarter of 2009 increased 8.2% to CNY64.6 million compared with CNY59.7 million for the same quarter in 2008. The increase was primarily due to higher average revenue per page, which was partially offset by a lower volume of print advertising pages in 51job Weekly resulting from a decline in market demand. Although print advertising prices in each city remained relatively unchanged, overall average revenue per page increased 39.8% over the fourth quarter of 2008 due to an increase in page volume contribution from cities where print advertising prices are generally higher as compared to the same quarter of the prior year. The estimated number of print advertising pages generated in the fourth quarter of 2009 decreased 22.6% to 2,672 compared with 3,452 pages in the same quarter in 2008.

The estimated number of print advertising pages generated in fiscal year 2009 decreased 29.4% to 11,661 compared with 16,512 estimated pages in 2008. Unique employers using the company's online recruitment services grew 39.9% to 143,451 in 2009 from 102,562 in 2008. Employers who purchase online services multiple times or in multiple quarters throughout the fiscal year are counted as one unique employer for the annual total.

Online recruitment services revenues for the fourth quarter of 2009 were CNY97.3 million, representing a 33.7% increase from CNY72.7 million for the same quarter of the prior year. Other human resource related revenues for the fourth quarter of 2009 increased 0.5% to CNY64.1 million from CNY63.8 million in the same quarter of 2008.

China Career Builder Corp., ("The Company or CCB") (PINK SHEETS: CCBX) a Delaware Corporation, is focused on outsourcing human resource services and staffing services in Hong Kong, China. Today, the company is pleased to announce has signed a Letter of Intent to acquires 49 percents of Issac Search Ltd of Hong Kong. This acquisition is consistent with the company's Strategic Business Plan, designed to build enterprise value through organic growth and select acquisition opportunities. The company is expected to complete satisfactory due diligence in the next Three (3) weeks, and complete the acquisition by the end of Q4, 2009 or early Q1 2010.

"We have been selectively considering strategic alliance or acquisition candidates for some time to achieve CCB's strategic vision. We are confident this acquisition with Issac Search Ltd enhances that vision and provides the elements required to expedite our business model," added CCB's President, Mona Yim.

ABOUT THE COMPANY

China Career Builder Corp. (The Company) through its subsidiary Asian Career Company Ltd. provides outsourcing human resource services and staffing services in Hong Kong, China. The company provides recruitment services focusing on the professional, management, clerical, administrative, IT and industrial market. Its services include screening, recruiting, training, workforce deployment, loss prevention and safety training, pre-employment testing and assessment, background searches, compensation program design, customized personnel management reports, job profiling, description, application, turnover tracking and analysis, opinion surveys and follow-up analysis, exit interviews and follow-up analysis, and management development skills workshops. The company markets its recruitment services through a combination of direct sales, telemarketing, trade shows, and advertising. The company incorporated in Delaware, headquartered in Hong Kong, China.

For further information please refer to the Company's website at www.ChinaCareerBuilder.com

If you would like to receive regular updates on China Career Builder Corp. please send your email request to info@ChinaCareerBuilder.com or contact the company's Investor and Public relations at ir@ChinaCareerBuilder.com .

Beijing is working to entice some of the talented Chinese people working overseas to return home.

The municipal government has established a program to assist overseas Chinese who are under 55 years of age, have obtained a PhD overseas, and can work in Beijing for more than six months a year.

Professors in famous overseas universities and research institutions and those who are employed as senior managers in well-known multi-national companies are the key targets of the program.

Beijing's goal for 2009 is to attract between 30 and 50 of these types of people back from overseas.

Taiwan Semiconductor Manufacturing Corp (TSMC, ???), the world’s biggest contract chipmaker, plans to hire up to 300 engineers after forecasting more than 80 percent growth in shipments this quarter, said recruiting agency 104 Corp (???), which is helping with the headhunt.

The recruitment drive is part of TSMC’s long-term investment in technological research and development, ensuring that it will be among the earliest companies to benefit once the economy recovers, 104 spokesman Max Fang (???) said.

“It is good timing for local employers to launch large-scale recruitment drives because the nation’s tough job market means a bigger selection,” Fang said. “We believe TSMC is just the beginning and there will be more recruitment programs by local companies later this year because hiring is usually closely linked to an economy improving, as it is now.”

An average of 10 candidates apply for each job offered by high-tech firms today, Fang said, as electronics firms hit by the recession remain cautious about hiring.

The Hsinchu-based chipmaker intends to hire between 200 and 300 design, processing technology and research engineers initially, potentially adding more positions later, Fang said.

As of the end of February, TSMC had about 22,000 employees globally, down 3.8 percent from about 22,800 at the end of last year, the company’s annual report said.

Meanwhile, competitor United Microelectronics Corp (UMC, ??) said it had no plans for significant additions to its payroll because prospects for the second half of the year were still unclear.

However, a UMC official said that the company expected strong growth in shipments in the second quarter.

UMC launched a major restructuring in the second half of last year, tweaking its organizational structure and streamlining its workforce to cut costs and improve profitability.

Separately, a survey conducted by 104 suggested an improvement in the domestic job market.

Job openings have increased 13 percent to 203,000 — the highest figure since last October — since the beginning of the year, when 180,000 jobs were on offer.

However, the number of job openings is half the number of current job seekers, meaning that the unemployment rate may not see an improvement in the short term.

The jobless rate hit a new high of 5.81 percent in March, with 670,000 adults unemployed, government figures showed.
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