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Now Valued at Just $30M, Jobs Site ChinaHR Rumored Sold Off For a Monster Loss

Steven Millward
Steven Millward
1:45 pm on Jan 25, 2013

Monster sells ChinaHR

200 ChinaHR employees will, the rumor says, be needing to find new jobs themselves.

The impasse over recruitment site ChinaHR, the loss-making subsidiary of US-based Monster (NYSE:MWW), is rumored to be over. Monster has been trying to sell the under-performing ChinaHR since last November, and today several reports in Chinese media suggest that ChinaHR has been sold for a mere US$30 million, entailing the laying-off of half of the Chinese site’s 400 staff.

Monster initially bought a stake in the once-promising ChinaHR in 2005 for $50 million, then increased the stake in 2006, before acquiring the whole company in 2008. At that time, Monster had ploughed in $243 million in total, and ChinaHR was effectively valued at over $300 million. Since then it has been squeezed by major Chinese web companies opening human resources portals, and lost a significant amount of market share.

So far, none of this has been confirmed by Monster, and the intel comes via the CTO of a medical jobs listings site called dxy.cn. His belief is that ChinaHR’s acquisition is a done deal at $30 million with the buyer being the Irish company behind MyJob.ie.

Monster’s failure in the ultra-competitive Chinese web market looks like another cautionary tale of lack of savvy causing a foreign company to be overwhelmed by fast-adapting local rivals. Just like with eBay in China.

(Source: QQ Tech – article in Chinese)

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Have Your Say
  • http://recruit.net Doron Vermaat

    This particular case doesn’t have anything to do with being overwhelmed by “fast-adapting local rivals”. ChinaHR WAS one of the fast adapting local rivals closely tailing Zhaopin and 51Job. It was only when Monster took full control of the site and insisted in implementing their own IT into the platform when things went downhill very quickly for the site.

    • http://www.techinasia.com Steven Millward

      @Doron thanks for the insight!