51job refutes rumors of downturn
25 Dec 2018
Chinese recruitment platform 51job.com has publicly rejected claims made by Tianfeng Securities that more than 2 million job ads had vanished from its website this year, amid the onset of an economic slowdown, Reuters reports.
In a statement posted on its official social media account on WeChat, 51job said Tianfeng had made an “improper” analysis of the platform’s data using a web crawler program 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.
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, however, share any details about actual changes to job listings on the platform.
51job said Tianfeng had declined to make a public apology after deleting the research note from its own platform.
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.
China’s economy has been under growing pressure lately from a combination of domestic deleveraging policies, a campaign to shut down polluting industries, and a protracted trade dispute with the United States.