Yes, selling the zhaopin stake at EBITDA multiple of ~ 16x...

Yes, selling the zhaopin stake at EBITDA multiple of ~ 16x appears low given i) Zhaopin's growth rate and ii) the current valuations for tech companies. I suspect its driven by politics, possibly crony investors seeing opportunity to force a sale or pre-emptive move by AB. Either way I think its probably a safe course of action and although disappointed, the alternative scenario of our stake being forcefully forfeited would have been much much worse. The funds could be used to pay down the debt ... which was getting a bit too high for my liking.

The short term focus now is to see how much this variable ad pricing strategy will drive revenues in ANZ. REA did it a few years ago (linking home values to ad prices) and its revenue doubled over a 4/5 year period. If we can do the same for ANZ and then roll it out in Seek Asia, shareholders will be in for a good ride.