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JOBS - 51job Inc News Story

$71.51 -0.1  -0.1%

Last Trade - 13/05/21

Large Cap
Market Cap £3.43bn
Enterprise Value £2.25bn
Revenue £406.6m
Position in Universe 1400th / 6855

Two million job ads missing? China's 51job criticises "improper" research

Mon 24th December, 2018 11:27am
* Research says over 2 million job ads vanished in China
    * 51job denies claim, says it distorted facts 
    * 51job says contacted by authorities from top economic work
    * Tianfeng shares down nearly 3 pct on Monday

    BEIJING, Dec 24 (Reuters) - Chinese recruitment service
provider 51job  JOBS.O  on Monday rejected claims that more than
2 million job ads had disappeared from its website this year due
to an economic slump, saying a Chinese securities firm was
smearing economic prospects.
    In a statement posted on its official social media account
on Wechat, 51job said Wuhan-based Tianfeng Securities
 601162.SS  had made an "improper" analysis of the platform's
data using a web crawler programme in a research note published
in November.
    Tianfeng said it found the number of job listings on 51job
shrank from 2.85 million to just 830,000 in six months, from
April to September.   
    "The content of that research is contrary to facts," 51job
said in a statement, criticising the research approach as loose
and irresponsible, stressing it owns multiple recruitment
websites besides the main 51job website.
    It cited the company's robust earnings as evidence that the
numbers were false. In both the second and third quarters,
51job's revenue from online recruitment rose more than 30
percent from a year earlier, it said.
    It did not give details on actual changes of job listings,
    Tianfeng Securities could not be immediately reached by
Reuters for comment. 
    "Our research department has always strictly observed
relevant regulations and rigorously and objectively analysed
data," Tianfeng was quoted as saying in a response to 51job
after being contacted by its lawyers, according to 51job's
    51job said Tianfeng had declined to make a public apology
after deleting the research note from its own platform.
    Tianfeng's share fell 2.66 percent on Monday from the
previous trading day.  
    Tianfeng's findings had misled the market and raised
widespread concerns about employment stability and the health of
the broader economy, 51job wrote in its statement. 
    "Who gave Tianfeng Securities the guts to do this?" it
wrote, adding it had not been asked to verify the numbers before
the research was posted.
    China's economy has been under growing pressure lately from
a combination of domestic deleveraging policies, a campaign to
shut polluting industries, and a protracted trade dispute with
the United States. 
    Stability-minded policymakers have vowed to prevent
extensive job losses, including rolling out measures to reduce
costs for struggling companies that choose not to cut staff.
    China aims to maintain its urban survey-based jobless rate
below 5.5 percent in 2018, while keeping the registered
unemployment rate, another official gauge, below 4.5 percent.
    Many analysts say, however, that the government figure is an
unreliable indicator of national employment conditions as it
measures only employment in urban areas and does not take into
account millions of migrant workers.

 (Reporting by Yawen Chen and Ryan Woo
Additional reporting by Stella Qiu)
 ((yawen.chen@thomsonreuters.com; +86 10 6627 1207; Reuters
Messaging: yawen.chen.thomsonreuters.com@reuters.net))
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