US-based jobs site Monster (NYSE:MWW) has said that it’s seeking to sell its Chinese division, ChinaHR.com. With ChinaHR ailing in recent years, the news sent Monster stocks up 10 percent in yesterday’s trading.
An analyst tells Bloomberg Businessweek:
ChinaHR has lost most of its share of the Chinese online help-wanted market. Any consideration they receive for disposing of ChinaHR is likely to be insignificant.
Monster initially bought a stake in ChinaHR in 2005, then increased the stake in 2006, before acquiring the whole company in 2008. At that time, ChinaHR was effectively valued at $300 million. Since then it has been squeezed by major web Chinese portals opening into online HR sites.
(Source: Bloomberg Businessweek)