On September 30, 36Kr, the Chinese tech news and data portal, filed to raise up to $100 million in an initial public offering in the U.S.
The Beijing-based media company, similar to TechCrunch, provides content about the tech industry, as well as enterprise-facing services such as consulting, integrated marketing and offline events.
Revenue at 36Kr grew to CNY 202 million, or USD 29.4 million, in the first half of 2019, a 179% increase on the year. The rapid growth was enabled by a surge in its value-added enterprise services, which accounted for half of its sales that period.
36Kr lost CNY 45.5 million, or USD 6.6 million, in the six months ended June 30.
Going forward, enterprise-facing services will continue to be 36Kr's focus. The company said in its prospectus that it plans to use 40% of proceeds to expand business service scope, client base and service depth, compared with the 20% it will allocate to enhancing content.
Credit Suisse and Chinese investment bank CICC are underwriters of the offering.
Source: Nikkei Asian Review