Chinese TechCrunch rival 36Kr Holdings files for US IPO

The 36Kr logo is seen on a laptop on a desk. Photo: DEALSTREETASIA

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 size of the offering at $100 million, a placeholder amount likely to change, according to filing Monday with the U.S. Securities and Exchange Commission. It plans to trade on Nasdaq Global Select Market.

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

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

It also comes as the Trump administration discusses 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 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.

It lost $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.

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.