Why This $18 Million Sale Might Signal a Shift as a China Tech Bet Falls 34%
RWC Asset Advisors (US) LLC disclosed a sale of 834,689 shares of Kanzhun Limited (NASDAQ:BZ) in its February 17, 2026, SEC filing, an estimated $18.03 million trade based on quarterly average pricing.
According to an SEC filing dated February 17, 2026, RWC Asset Advisors (US) LLC reduced its holdings in Kanzhun Limited by 834,689 shares during the final quarter of 2025. The estimated transaction value, based on the period’s average closing price, was $18.03 million. The quarter-end value of the Kanzhun Limited position dropped by $24.00 million, a figure that includes both the effect of share sales and market price changes.
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This sell action lowered the Kanzhun Limited stake to 5.83% of RWC Asset Advisors (US) LLC’s 13F reportable AUM, down from 8.96% in the previous quarter.
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Top holdings after the filing:
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NYSE:SQM: $100.64 million (19.1% of AUM)
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NYSE:VALE: $85.00 million (16.1% of AUM)
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NYSE:EMBJ: $79.76 million (15.1% of AUM)
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NYSE:GFI: $75.57 million (14.3% of AUM)
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NYSE:BABA: $66.01 million (12.5% of AUM)
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As of Friday, Kanzhun Limited shares were priced at $13.63, down 34% over the past year and well underperforming the S&P 500, which is instead up 15% in the same period.
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Metric |
Value |
|---|---|
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Price (as of Friday) |
$13.63 |
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Market Capitalization |
$6 billion |
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Revenue (TTM) |
$1.16 billion |
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Net Income (TTM) |
$360.59 million |
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Kanzhun Limited operates BOSS Zhipin, an online recruitment platform connecting job seekers and employers in China, generating revenue primarily from recruitment services and value-added offerings.
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The firm monetizes through service fees paid by enterprises and corporations for access to candidates and recruitment tools, leveraging a digital platform model.
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It targets businesses of all sizes and individual job seekers across the Chinese labor market, with a focus on efficient matching and direct communication.
Kanzhun Limited is a leading provider of online recruitment solutions in China, leveraging its BOSS Zhipin platform to facilitate direct connections between job seekers and employers.
This is the kind of move that forces you to separate business performance from stock performance. On paper, the company is executing well. Revenue hit about $1.18 billion for the full year, while net income climbed to roughly $385 million, up a steep 72% year over year, with clear operating leverage showing through.
However, with shares down 34% over the past year, the sell signals a willingness to step back from a name that, while profitable and growing, still sits squarely in a tougher macro and geopolitical bucket, and that’s been true for many Chinese firms this past year.
This portfolio leans heavily into commodities and emerging market exposure through names like SQM and Vale, with large, concentrated positions. Against that backdrop, trimming a China-based platform business to about 6% of AUM looks less like a verdict on fundamentals and more like risk management. Ultimately, until sentiment around China tech stabilizes, Kanzhun’s valuation may stay disconnected from its performance.
