人力资源尽职调查工具

BcInvestment Due Diligence Assessment23 December 19992Z5112OSFbcSNG DisclaimerThe investment opportunity described below has not been recommended or approved byBain & Company, Inc. or any of its subsidiaries. No representation or warranty is made as to the accuracy or completeness of the information contained in this memorandum. Oliver Stratton and Jim Hildebrandt are distributing this memorandum in their individual capacities and not as representatives of Bain & Company, Inc. or any of its subsidiaries. Any investment in 51net.com will not be guaranteed by Bain & Company, Inc. or any of its subsidiaries. 3Z5112OSFbcSNG Agenda • Executive Summary• Detailed Business Assessment– US Market Benchmarks– China Market Dynamics– 51net.com Financials4Z5112OSFbcSNG • Attractive online recruitment market space in China with high growth potential • Differentiated click-and-mortar business model (online and newspaper) with a 16 month operating history and ~US$1M in 1999 revenue• Current #1 or #2 position in 3 key city markets (0.7 RMS in Beijing, 5.5 RMS in Shanghai and 0.3 RMS in Guangzhou)• No competitor has locked up exclusive relationships with key portals - maintaining #1 or #2 position appears to be a realistic goal• Capable management including head of Bain’s China practice and 3 former Bain consultants• Realistic business plan targets (in Private Placement Memorandum) with additional upside if timing of adjacent business roll-out (eBay, Buy.com business models for China) is accelerated (business plan financials are 99% driven by core recruiting business)• Exposure to potentially significant sovereign risk given China’s unclear regulations on foreign ownership and operation of internet businesses• Expected investment returns based on business plan forecasts and comparable US online recruitment valuation multiples are attractive (base case: 3.8X return on money, 57% IRR), but not blockbuster (high case: 7.9X return on money, 99% IRR)ProsConsSummary Investment EvaluationExecutive Summary5Z5112OSFbcSNG Executive SummarySource: OneSource; SG Cowen Securities; Analyst Reports; Company Websites• 51net.com is a China-based start-up company established in 1998 focused on the online recruitment market• Its key partner team includes 1 Bain partner (Rick Yan) and 3 former Bain consultants• 51net.com is seeking to raise US$3M in exchange for a 5% equity stake in the business• Underlying China online recruiting market growth and penetration (included in business plan targets)• Adjacent e-business opportunities (not included in business plan targets)• 51net.com has a click-and-mortar business model for job placements, consisting of – a newspaper, Career Post Weekly, launched in Oct 1998– a website, 51job.com, launched in Jan 1999 • It is currently one of the leading players in each of the high-end multinational recruitment advertising markets of Beijing, Shangh...