Caixin
Oct 01, 2019 06:41 AM
BUSINESS & TECH

Chinese TechCrunch Rival 36Kr Holdings Files for U.S. IPO

China’s TechCrunch rival 36Kr filed for U.S. IPO. Photo: VCG
China’s TechCrunch rival 36Kr filed for U.S. IPO. Photo: VCG

(Bloomberg) ― 36Kr Holdings Inc., a Chinese website that tracks startup fundraising in the country, filed for a U.S. initial public offering.

The Beijing-based company, founded in 2010, listed the proposed offering at $100 million, a placeholder amount that’s likely to change, according to a filing Monday with the U.S. Securities and Exchange Commission. It plans to trade on the Nasdaq Global Select Market.

The filing comes amid volatility in the U.S. IPO market.

We Co., the parent of office-sharing company WeWork, said Monday it plans to withdraw its listing application after concerns about its governance and valuation. Entertainment company Endeavor Group Holdings Inc. called off its initial public offering at the last minute last week following a tepid reception for Peloton Interactive Inc.’s trading debut.

Meanwhile, the Trump administration is discussing ways to limit U.S. investors’ portfolio flows into China. Options under consideration include delisting Chinese companies from U.S. stock exchanges, Bloomberg News reported last week.

Chinese companies have raised $2.8 billion in IPOs in the U.S. this year, down from $7.7 billion during the same time period last year, according to data compiled by Bloomberg.

36Kr raised $24 million in its most recent funding round in September, when it sold shares to investors including Nikkei Inc., which owns the Financial Times, according to the filing.

Like other companies to list recently, 36Kr will have dual classes of shares. Holders of Class A shares will get one vote per share while Class B holders will get 25 votes per share.

36Kr’s news portal hosted 50,000 articles and had 150 million readers at the end of 2017, according to its website. It also has affiliates operating a data analysis platform and running co-working spaces in China.

The company had a loss of $6.6 million on $29.4 million in revenue during the six months ended June 30, according to the filing.

Credit Suisse Group AG and China International Capital Corp. are leading the offering.

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