Chinese TechCrunch rival 36Kr seeks to raise $100m in US IPO

Photo: REUTERS/Beawiharta

36Kr, a Chinese website that tracks startup fundraisings in the country, is planning an overseas initial public offering, people with knowledge of the matter said.

The Beijing-based company is considering selling shares of its flagship media business in the U.S. as soon as this year, the people said, asking not to be identified because the information is private. 36Kr, whose website is similar to the TechCrunch portal that chronicles Silicon Valley, is targeting to raise at least $100 million, the people said.

Chinese companies completed $43 billion of first-time share sales overseas last year, the most since 2014, data compiled by Bloomberg show. Investors are keen for tech investments in the world’s most populous country, with 80 percent of greater China-focused funds considering or actively pursuing new economy deals, according to Bain & Co.

Deliberations are at an early stage, and details of the offering including the fundraising size and listing venue could change, the people said. 36Kr is open to exploring opportunities in the capital market, though it doesn’t have a specific IPO timeline, Chief Executive Officer Liu Chengcheng said by text message Monday.

36Kr’s news portal hosted 50,000 articles and had 150 million readers at the end of 2017, its website shows. 36Kr, founded in 2010, also has affiliates operating a data analysis platform and running co-working spaces in China, according to its website.

Also Read:

Alibaba-backed e-commerce influencer platform Ruhnn files for US IPO

Tencent-backed online broker Futu set to raise $90m in US IPO

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.