Ark Invest's Cathie Wood has a newly public Chinese technology stock on her radar. Wood purchased 985,579 shares of Kanzhun in the ARK Next Generation Internet ETF and ARK Autonomous Technology and Robotics ETF over the last two weeks, including additions to the stake each day this week. Her position, which she first purchased on June 21, is now worth about $38 million, based on where the stock was trading Thursday. The CEO and chief investment officer of Ark Invest bought 481,408 shares of the artificial intelligence driven job finding app on Wednesday. Kanzhun — which trades under ticker "BZ" — now represents about 0.4% of the ARK Next Generation Internet ETF and about 0.54% of ARK Autonomous Technology and Robotics ETF. Kanzhun — which went public on June 11 — soared as much as 96% on its first day of trading, opening around $37 per share after pricing between $17 and $19 per share. The Tencent-backed company operates an online recruitment platform, which connects job seekers and enterprise users through a mobile app called Boss Zhipin. Kanzhun's vision is to "redefine every individual's career development with technology and a passion towards delivering user satisfaction, by optimizing efficiency, equality and choice," according to the company's S1 prospectus filed with the SEC. Kanzhun means "aim right" in Chinese. Wood has made a name for herself by investing in "disruptive innovation" stocks. The firm's flagship fund, Ark Innovation , has seen nearly $16 billion flood the fund in the past year, according to FactSet. Wood often touts companies that use disruptive technology that will change the way the world works. Since its market debut, shares of Kanzhun are down marginally. The Chinese company has a market capitalization of nearly $16 billion.
Ark Invest's Cathie Wood has a newly public Chinese technology stock on her radar.
NEXT PRO TALK
1 Day Remaining
Wed, Mar 22 2023 - 2:30am