v3.26.1
BUSINESS ACQUISITION
 12 Months Ended
Dec. 31, 2025
BUSINESS ACQUISITION  
BUSINESS ACQUISITION

4.BUSINESS ACQUISITION

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On February 6, 2024, the Group completed the acquisition of approximately 77% of equity interest of W.D Technology Investment Group Limited, which is principally engaged in providing blue-collar recruitment services. The consideration of this acquisition was approximately US$52.7 million (approximately RMB374.3 million). The Group obtained control of the investee since it held majority of the investee’s equity interest and was entitled to assign majority of the board members, one of whom shall be the chief executive officer of the investee.

The acquisition was accounted for as a business acquisition using the acquisition method of accounting. The consideration of the acquisition was allocated based on the fair value of assets acquired and liabilities assumed as of the acquisition date as follows:

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Amount

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RMB

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(In thousands)

Purchase consideration

 

374,306

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​

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Net assets acquired

 

208,412

Identifiable intangible assets acquired

 

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—Customer relationships

 

94,000

—Trademarks

 

91,000

—Technology

 

80,000

—Non-compete agreements

 

13,000

Goodwill

 

839

Non-controlling interests

 

(112,945)

Total

 

374,306

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Net assets acquired primarily consisted of cash and cash equivalents of RMB224.0 million, other receivables of RMB37.1 million, property, equipment and software of RMB43.3 million, and other payables and accrued liabilities of RMB104.6 million.

Goodwill arising from this acquisition was primarily attributable to future business growth expected to be achieved from the acquisition. Goodwill was expected to be non-deductible for income tax purposes.