Renrui HR Group Invests RMB20 Million into Xunteng Group

HONG KONG, Oct. 15, 2020 /PRNewswire/ -- Renrui Human Resources Technology Holdings Limited ("Renrui" or "the Company" and its subsidiaries (collectively, the "Group"), stock code: 6919.HK), is pleased to announce that on 15 October 2020, it has entered into a conditional investment agreement and an exclusive strategic cooperation agreement (the "Strategic Cooperation Agreement") with Tianjin Binhai Xunteng Group Co., Ltd. ("Xunteng Group"). The Company agreed to invest a total of RMB20 million into Xunteng Group and will hold 15% of its shares upon completion. The investment amount from the Company shall be used for the operation of the principal businesses of Xunteng Group, including but not limited to the procurement of equipment, payment of salary and recruitment fees of students for the cooperation projects with the colleges which Xunteng Group cooperates (the "Colleges") .

Pursuant to the Strategic Cooperation Agreement, the Group shall transfer suitable BPO projects to Xunteng Group, and Xunteng Group shall, under the guidance of the Group, construct facilities and procure equipment for the BPO service training centres to be set up in the Colleges for the operation of these BPO projects. Xunteng Group shall transfer not less than 20% of the total number of students of the Colleges every year to work in the BPO service training centres in the Colleges as interns, and recommend not less than 50% of the total number of graduates from the Colleges to participate in the recruitment events held by the Group's clients of flexible staffing services and professional recruitment services. Xunteng Group shall also encourage the students of the Colleges to register as members on the Xiang Recruitment Platform, the Group's proprietary recruitment software, for job seeking purpose. On the other hand, the Group will provide guidance to the Colleges to improve and upgrade the quality of the vocational courses. The term of the cooperation commences from the date of the Strategic Cooperation Agreement and up to 30 June 2024, subject to further extension to 30 June 2028 if so agreed by both parties.

Leveraging on the experience of the Group in the human resources industry and that of Xunteng Group in the education industry and their respective resources, the Group believes that this cooperation will provide a stable source of well-trained candidates to the clients of the Group's flexible staffing and professional recruitment services in order to satisfy the recruitment demands from the Group's clients.

Mr. Zhang Jianguo, Chairman and Chief Executive Officer of Renrui Human Resources Technology Holdings Limited, commented, "Currently, global employment patterns are undergoing profound changes. With rapid emergence of new economy sectors such as telecommunication and big data, the demands of flexible staffing have been increasing significantly in order to satisfy the new job positions for seasonal and continuous business development. To capture the enormous market opportunity, we have to establish a stable supply chain of talents. Through the collaboration with Xunteng Group, we can cultivate talents from the root of human resources ("HR") supply chain, establishing an exclusive and low cost HR ecosystem. There is also a higher chance for graduates from the Colleges to secure their jobs, which can help enhance brand awareness among students of the Colleges, promote the Group's recruitment platform and enhance the Group's ability to provide career opportunities to job candidates. As of 31 August 2020, Xunteng Group operated 35 colleges with approximately 10,000 students, which focuses on internet and e-commerce disciplines."

Mr. Ke Tingjun, Chief Investment Officer of Renrui Human Resource Technology Holdings Limited, added, "In the long run, low cost and sustainable HR ecosystem will further strengthen our flexible staffing business, which will in turn enhance the competitiveness of Renrui HR Group in the HR services industry and the entire recruitment market. Meanwhile, cooperation with education institutions such as Xunteng Group, has fully demonstrated the integration of HR industry and education sector, increasing the employability of graduates while establishing professional connection between the new economy industries and labor force. This will thus lay a foundation for the development of industry and society. Looking forward, the Group will actively look for quality partners and continue to expand the HR ecosystem, supporting the evolution and transformation of China's economic development."

About Renrui Human Resources Technology Holdings Limited

Renrui HR Group is a fast growing pioneer in HR solutions In China. The company services a large number of industry leaders in new economy and other sectors as their strategic partner. Renrui HR Group provides the largest-scale of Flexible Staffing services and other complementary HR services including Professional Recruitment, BPO services, Labor Dispatch and Corporate Training. The company has reinvented traditional human resources services with comprehensive digital and cutting-edge technology, to effectively solve large-scale talent recruitment and management problems in the market. Currently Renrui HR Group operates more than 31 branch offices across China and provides one-stop HR services to clients in over 150 cities, enabling a strong national linkage and cross-region talent transfer. By the end of 2018, the company has about 600 employees and 27800 contract employees.

About Tianjin Binhai Xunteng Group Co., Ltd.

Xunteng Group principally engaged in the cooperation with colleges in the PRC focusing on internet or electronic commerce education. With 15 years of business operation since 2004, it generally develops courses, recruits students for the Colleges, dispatches teachers to the Colleges to teach and sets up BPO service training centres in the Colleges to provide training opportunities to students.

Company website: http://www.renruihr.com/ 

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