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From a sales point of view, Zhaopin has $1.5b in sales vs...

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    From a sales point of view, Zhaopin has $1.5b in sales vs 51job's $2.3b.
    From a FCF point of view, Zhaopin has $400m vs 51job's $1b.
    From a margin's point of view, Zhaopin is around the 90% range vs 51job's 70% range.

    Regardless of 51job generating more FCF and sales, Zhaopin has more users and more companies which in return will strengthen that network effect moat.

    However, the market speaks otherwise and values 51job as the better business.

    What am I missing here?
 
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