BOSS Zhipin founder Zhao Peng sold $110M worth of stock to cover taxes The tax crackdown in China is getting more intense! On September 21, Zhao Peng, through the family trust-controlled Techwolf, sold 15.17 million shares in a block trade at HK$56.9 per share, cashing out approximately HK$863M, equivalent to $110M. Adding the 743,600 shares sold on September 10 and 11, he cashed out nearly $116M in just over ten days. However, the filing only cited 'personal financial needs' as the reason, without directly mentioning taxes. The market speculates it's tax-related because China has recently been tightening tax enforcement on offshore trusts held by residents. Techwolf, which holds Zhao Peng's BOSS Zhipin shares, is an offshore trust set up for him and his family, and the timing and structure align perfectly. This isn’t a full exit or a runaway move, though. After the transaction, Zhao Peng still holds about 111M Class B shares. Thanks to the dual-class share structure, he still firmly controls the company. To put it more accurately, this is a significant personal cash-out—selling about 12% of his holdings—but he hasn’t handed over the steering wheel. While workers are still job-hunting on BOSS Zhipin, the BOSS himself has already cashed out over 800M HKD at the stock exchange.